By Seyi Babalola
The Central Bank of Nigeria has revoked its mandate to banks and payment service providers to collect and remit the cybersecurity charge contained in the Cybercrime Prevention and Prohibition Amendment Act of 2024.
The apex bank stated this in an amended circular dated May 17, 2024.
The circular, signed by Chibuzor Efobi, Director of Payment Systems Management, and Haruna Mustafa, Director of Financial Policy and Regulation Department, was aimed at commercial banks, payment service providers (PSPs), non-interest banks, and others.
The circular on Sunday headlined “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy.”
It read, “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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”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 directive for the collection of the levy was met with nationwide backlash which prompted the Presidency to suspend the implementation.
