By Chinyere Nnaemeka
The Central Bank of Nigeria, CBN has withdrawn it’s instruction to the banks, and payment service providers, urging them to collect and remit Cybersecurity levies.
CBN disclosed this in a revised circular dated May 17, 2024, which was signed by the Director of Payment Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustafa.
The circular was further addressed to commercial banks, payment service providers (PSPs), non-interest banks, and others.
The circular titled, “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy”, which was gotten from Punch Online, reads:
“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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”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 cybersecurity levy which is outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024, has generated lost of negative reactions from Nigerians, envisaging the economic situation of the country.
This led to the suspension of its implementation by the Presidency, as the Federal Executive Council cited the need for the policy to further be scrutinized.
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