By Tochukwu Bliss, Abuja
The Central Bank of Nigeria (CBN) has announced the withdrawal of its circular directing banks and payment service providers to collect a 0.5% cybersecurity levy and remit it as proposed in the Cybercrime Prevention and Prohibition Amendment Act of 2024.
This is contained in a revised circular dated May 17, and signed by the Director of Payment Systems Management, Chibuzor Efobi, and Director of Financial Policy and Regulation, Haruna Mustafa, which was released today.
Like the earlier directive on May 6, the new circular was addressed to commercial banks, payment service providers, non-interest banks, and others, stating that the previous had been withdrawn.
The circular is titled: ‘Re: Cybercrimes (Prohibition, Prevention, ETC) (Amendment) Act 2024 — Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,’.
It reads: “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“Further to this, please be advised that the above referenced circular is hereby withdrawn.
“Please be guided accordingly.”
The withdrawal follows the decision of the Federal Executive Council (FEC) at its last meeting on Tuesday, to suspend the levy amid widespread public outcry.
The Minister of Information and National Orientation, Mohammed Idris, had told journalists at the end of the meeting that “The position of the government is that the policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review.
“So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government.”
Further to this, please be advised that the above referenced circular is hereby withdrawn. Please be guided accordingly.
