ITS OFFICIAL!!! CBN Withdraws Directive On 0.5% Cybersecurity Levy Collection—-The Central Bank of Nigeria (CBN) has officially rescinded its directive that required banks and payment service providers to collect and remit fees as specified under the Cybercrime Prevention and Prohibition Amendment Act of 2024.
Announced in a revised circular dated May 17, 2024, this move marks a significant policy reversal. The initial mandate, outlined in a May 6 circular, aimed at bolstering national cybersecurity measures by enforcing the collection of a national cybersecurity levy from financial institutions.
TGM reports that the revised circular, signed by the Director of Payment Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation at the CBN, Haruna Mustafa, effectively nullifies the previous directive.
Titled “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,” it indicates a complete withdrawal of the earlier circular and a pause in enforcing the levy collection.
This retraction followed widespread backlash from various stakeholders, which sparked a national debate on the levy’s implications for businesses and the public.
The Federal Executive Council responded by suspending the law’s provisions, citing the need for additional reviews to address the concerns raised.
The circular read, “The Central Bank of Nigeria circular dated May 6, 2024 (Ref: PSMD/DIR/PUB/LAB/017/004) on the above subject refers.
“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”