CBN withdraws Cybersecurity Levy Directive

The Central Bank of Nigeria (CBN)has withdrawn its directive requiring banks and payment service providers to collect and remit a cybersecurity levy vide the Cybercrime Prevention Amendment Act ,2024.
This was contained in a circular, signed by Chibuzor Efobi, Director of payment Systems Management, and Haruna Mustafa, Director of Financial Policy and Regulation Department, was addressed to commercial banks, payment service providers , non interest banks and other financial institutions.

According to the withdrawal Circular, titled Re: Cybercrimes (Prohibition, Prevention etc. Amendment) Act 2024,- Implementation Guidelines on the collection and remittance of the National Cybersecurity Levy, the apex bank , said that its earlier circular of May 6 on the above subject is hereby withdrawn.
Specifically, the Circular stated. “The Central Bank of Nigeria circular dated May 6,2024 ( Ref: PSMD/DIR/PUB/017/004) on the above subject refers. Further to this, please be advised that the above referenced circular is hereby withdrawn “
This was in apparent response to the deluge of concern and criticism from across all sectors of the economy on the initial Directive.

The vitriolic opposition to the levy led the presidency to suspend its implementation, with Federal Executive Council harping on the need for further review of its provisions and more evaluations.