The central bank of Nigeria has finally retracted its directive asking banks and payment service providers to collect and remit the cybersecurity levy as outlined in the cybercrime prevention and prohibition amendment act of 2024, days after the federal government announced it has suspended the scheme.
The apex bank announced this in a revised circular dated May 17, 2024 and made public on Monday. May 20th, 2024.
The circular, 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.
The directive for the collection of the levy was met with nationwide backlash which prompted the presidency to suspend the implementation.
The federal executive council suspended the implementation of the provisions of the law, citing the need to conduct further reviews.
“The position of the government is that the policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review.
“So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government,” the Minister of Information and National Orientation, Mohammed Idris, had said after the last federal executive council meeting.
