The Central Bank of Nigeria has rescinded its earlier directive instructing banks and payment service providers to enforce the cybersecurity levy mandated by the Cybercrime Prevention and Prohibition Amendment Act of 2024. This decision was conveyed through a circular signed by Chibuzor Efobi, the Director of Payment Systems Management, and Haruna Mustafa, the Director of Financial Policy and Regulation Department, which was distributed to commercial banks, payment service providers (PSPs), non-interest banks, and other concerned entities.
The circular, titled “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,” was obtained by PUNCH Online. However, it has now been officially retracted with the statement, “Further to this, please be advised that the above-referenced circular is hereby withdrawn.”
The initial directive to collect the levy sparked widespread criticism across the nation, leading to the Presidency stepping in to halt its implementation. Subsequently, the Federal Executive Council decided to suspend the enforcement of the law, citing the necessity for additional reviews before proceeding.
