The mandate issued by the Central Bank of Nigeria to banks and payment service providers to gather and send in the cybersecurity levy as stipulated in the Cybercrime Prevention and Prohibition Amendment Act of 2024 has been rescinded.
This was disclosed by the apex bank in a revised circular dated May 17, 2024.
The circular was sent to commercial banks, payment service providers (PSPs), and non-interest banks. It was signed by Chibuzor Efobi, director of payment systems management, and Haruna Mustafa, director of the financial policy and regulation department.
According to a circular obtained by Punch on Sunday, titled, “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy”.
It stated, “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 Further to this, please be advised that the above-referenced circular is hereby withdrawn”.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 President decided to halt the execution of the levy directive due to widespread opposition across the country. The President was conscious of the financial strain Nigerians were under since his strict economic reforms started in May of last year and he did not want to take the chance of making matters worse by imposing additional taxes.
Citing the need for additional studies, the Federal Executive Council put a hold on the law’s implementation.
