The Central Bank of Nigeria (CBN) has rescinded its directive to banks and payment service providers to collect and remit fees of the cybersecurity levy as proposed in the Cybercrime Prevention and Prohibition Amendment Act of 2024.
The apex bank made this known 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.
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The revised circular was addressed to commercial banks, non-interest, and payment service banks; other financial institutions, mobile money operators, and payment service providers.
It stated, “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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”
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 to conduct further reviews.
