BREAKING: CBN makes u-turn, withdraws circular on cybersecurity levy

Sharon EboesomiMay 20, 20242 min

The CBN directed all commercial banks to forgo the initial circular, in line with the presidential directive.

CBN finally makes u-turn, withdraws circular On cybersecurity levy

The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to impose a mandatory deduction of 0.05 per cent from each electronic transaction as a cybersecurity levy.

The apex bank announced this in a revised circular dated May 17, 2024. The circular which was later accessed by journalists on Sunday night, was 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.

OrderPaper recalls that the controversial directive for the collecting of the levy drew widespread criticism when the CBN first announced the policy, leading the President to immediately halt the cybersecurity levy implementation.

READ ALSO: Tinubu orders CBN to suspend implementation of cybersecurity levy  

In the circular titled, “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,” the CBN directed the banks to forgo the initial directive, in line with the presidential directive. According to the apex bank authorities, this indicates that the current administration is attentive and puts the welfare of the public first.

It read, “Further to this, please be advised that the above-referenced circular is hereby withdrawn,” CBN director in charge of payments system, Chibuzo Efobi, and the director, of financial policy and regulation, Haruna Mustapha, said in the circular, adding that all banks should “Please be guided accordingly.”

Sharon Eboesomi

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