Nigeria: Central Bank withdraws circular on cybersecurity levy

The Central Bank of Nigeria has withdrawn its earlier circular asking banks and payment service providers to collect and remit the cybersecurity levy as outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024.

The apex bank announced this in a revised circular dated May 17, 2024.

The circular, signed by the Director of Payment Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustafa, was addressed to commercial banks, payment service providers (PSPs), non-interest banks, and others.

According to the new directive, “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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”

The Federal Executive Council suspended the implementation of the provisions of the law, citing the need to conduct further reviews.