Presidential intervention: CBN withdraws circular on cybersecurity levy

The Central Bank of Nigeria (CBN) has withdrawn its directive to banks and payment service providers to collect and remit the cybersecurity levy as outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024.

The apex bank made this announcement in a revised circular dated May 17, 2024, signed by the Director of Payment Systems Management, Mr. Chibuzor Efobi, and the Director of Financial Policy and Regulation Department, Mr. Haruna Mustafa.

The statement “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024—Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy” addressed commercial banks, payment service providers (PSPs), non-interest banks, and others.

“The Central Bank of Nigeria circular dated May 6, 2024 (Ref: PSMD/DIR/PUB/LAB/017/004) on the above subject refers,” it stated.

“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”

Persecondnews recalls that the directive for levy collection was met with nationwide backlash, which prompted the Presidency to suspend its implementation.

The Federal Executive Council suspended the implementation of the law’s provisions, citing the need to conduct further reviews.