CBN Reverses Cyber Security Levy Circular 

The Central Bank of Nigeria (CBN) has withdrawn its earlier circular regarding the enforcement of the national cyber security levy.

This is coming up after an outrage was stirred in reaction to the initial proposal.

Recall that on May 6, 2024, the CBN through a circular ordered commercial banks, Payment Service Providers and others to begin collection and remittance of 0.5% of the transaction cost of electronic transactions as cyber security levy in line with the provisions of the amended 2024 cybercrimes prohibition and prevention act.  

The CBN  disclosed this new development in a statement which states: “Circular to all commercial, merchant, non-interest and payment service banks; other financial institutions, mobile money operators and payment service providers.

“Re: cybercrimes (prohibition, prevention, etc) (amendment) act 2024-implementation guidance on the collection and remittance of the national cybersecurity levy

“Further to this, please be advised that the above referenced circular is hereby withdrawn.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

The withdrawal of the cyber security levy circular by the CBN also follows the decision of the Federal Executive Council to suspend the implementation of the provisions of the law citing the need to conduct further reviews.

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