CBN Withdraws Circular on National Cybersecurity Levy
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has announced the withdrawal of its recent circular regarding the implementation of the National Cybersecurity Levy.
The directive, initially issued on May 6, 2024, under reference PSMD/DIR/PUB/LAB/017/004, provided guidance on the collection and remittance of the 0.5% levy as stipulated by the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act 2024.
The withdrawal was communicated through a circular addressed to all commercial, merchant, non-interest, and payment service banks, as well as other financial institutions, mobile money operators, and payment service providers.
The notice was jointly signed by Chibuzo A. Efobi, Director of the Payments System Management Department, and Haruna B. Mustafa, Director of the Financial Policy and Regulation Department of the CBN.
The original circular was part of the efforts to enhance cybersecurity measures across the financial sector, ensuring robust protection against cyber threats. However, the reasons for its withdrawal may not be unconnected with the decision of President Bola Ahmed Tinubu to suspend the implementation of cybersecurity levy.
Financial institutions and stakeholders in the fintech industry are advised to take note of this withdrawal and adjust their compliance strategies accordingly. The CBN has urged all relevant parties to stay updated on further directives or modifications related to the National Cybersecurity Levy.
This development has generated considerable interest and speculation within the financial sector, as cybersecurity remains a critical concern. The industry awaits further clarification from the CBN on the next steps regarding the levy and other related cybersecurity measures.
