Connect with us

News

CBN withdraws circular on cybersecurity levy

Published




The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions.

This was announced by the apex bank in a revised circular dated May 17, 2024.

The decision of the apex bank to withdraw the circular followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the Federal Government last week.

MORE READING!  NAF destroys 13 illegal refineries, seven Cotonou boats in Rivers

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 circular titled, “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy.”

MORE READING!  Beware of criminals posing as passengers, Police warn Osun Okada riders

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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”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.

MORE READING!  Woman supplying arms to bandits arrested in Katsina

The Federal Executive Council suspended the implementation of the provisions of the law, citing the need to conduct further reviews.

Advertisement
Comments



Trending