CBN Retracts Circular on Cybersecurity Levy

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Central Bank of Nigeria building

The Central Bank of Nigeria (CBN) has retracted its earlier directive instructing banks and payment service providers to collect and remit the cybersecurity levy as mandated by the Cybercrime Prevention and Prohibition Amendment Act of 2024.

This announcement was made in a revised circular dated May 17, 2024. The circular, signed by Chibuzor Efobi, Director of Payment Systems Management, and Haruna Mustafa, Director of the Financial Policy and Regulation Department, was addressed to commercial banks, payment service providers (PSPs), non-interest banks, and other relevant entities.

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Titled “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,” the circular, obtained by PUNCH Online on Sunday, 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 Further to this, please be advised that the above-referenced circular is hereby withdrawn.”

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The initial directive to collect the levy sparked a nationwide backlash, leading to the Presidency suspending its implementation. The Federal Executive Council decided to halt the enforcement of the law’s provisions, citing the need for further review and evaluation.

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