The Central Bank of Nigeria has withdrawn its earlier circular directing banks to implement a 0.5 percent cybersecurity levy on electronic transactions.
The decision of the apex bank to withdraw the circular followed the suspension of the levy by the Federal Government.
This also followed public outrage over the announcement of the policy in a circular dated May 6, 2024 by the CBN.
The circular was addressed to all deposit money banks, mobile money operators and payment service providers.
In the circular, the CBN directed the deduction of the levy to be remitted to the National Cybersecurity Fund, which is administered by the Office of the National Security Adviser.
In the latest circular dated May 17, 2024, the CBN announced the withdrawal of the May 6, 2024 circular.
The latest circular was co-signed by the Director of Payments System Management Department, Chibuzo Efobi; and Director of Financial Policy and Regulation Department, Haruna Mustafa.
Titled: “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,” the circular said: “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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”
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