The Central Bank of Nigeria (CBN) has withdrawn its directive requiring banks and payment service providers to collect and remit the cybersecurity levy, as outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024.
This decision was announced in a revised circular dated May 17, 2024, signed by the Director of Payment Systems Management and the Director of Financial Policy and Regulation Department.
The circular, addressed to commercial banks, payment service providers, non-interest banks, and others, stated that the previous directive (Ref: PSMD/DIR/PUB/LAB/017/004) dated May 6, 2024, is hereby withdrawn.
This development follows a nationwide backlash against the directive, which led to the Presidency suspending its implementation. The Federal Executive Council also suspended the implementation of the law’s provisions, citing the need for further reviews.
The CBN’s decision to rescind the directive is a response to the concerns raised by stakeholders and the public, and it is expected to provide relief to banks and payment service providers who were required to collect and remit the levy.