The Central Bank of Nigeria (CBN) has written to commercial banks, payment service banks, non-interest banks, mobile money operators and other financial institutions to withdraw its circular mandating them to collect and remit the cybersecurity levy.
The levy is proposed in the Cybercrime Prevention and Prohibition Amendment Act of 2024 and the CBN had directed the financial institutions to begin collection, a directive that was met with public outcry.
In a revised circular dated May 17, 2024, signed by its Director of Payment Systems Management, Chibuzor Efobi, and Director of Financial Policy and Regulation Department, Haruna Mustafa, the bank said its earlier statement on the subject had been withdrawn.
“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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”
The Federal Executive Council recently resolved to suspend the implementation of the provisions of the law, citing the need to conduct further reviews.
