The Central Bank of Nigeria has made a U-turn retracting its new directive calling on 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 bankers’ bank made this development known in a revised circular dated May 17, 2024.
The circular, signed by the Director of Payment Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustafa, was addressed to commercial banks, payment service providers (PSPs), non-interest banks, and others.
The circular obtained by newsmen on Sunday was titled, “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy.”
It 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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”
The directive for the collection of the levy was met with nationwide backlash which prompted the Presidency to suspend the implementation.
The Federal Executive Council suspended the implementation of the provisions of the law, citing the need to conduct further reviews.