The Central Bank of Nigeria (CBN) has withdrawn its directive for banks and payment service providers to collect and remit a cybersecurity levy, as mandated by the Cybercrime Prevention and Prohibition Amendment Act of 2024.
In a revised circular dated May 17, 2024, the CBN announced the retraction. The circular, signed by Chibuzor Efobi, Director of Payment Systems Management, and Haruna Mustafa, Director of Financial Policy and Regulation Department, was addressed to all commercial banks, payment service providers (PSPs), non-interest banks, and other financial institutions.
The document, titled “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,” indicated the withdrawal of the previous directive issued on May 6, 2024.
The original directive faced significant nationwide backlash, prompting the Presidency to intervene and suspend its implementation. The Federal Executive Council called for further reviews of the law’s provisions before proceeding.