JUST IN: CBN Withdraws Cybersecurity Levy Circular

• CBN Withdraws Cybersecurity Levy Circular.

• The withdrawal was announced in a statement by CBN officials Haruna Mustafa and Chibuzo Efobi.

• The original circular issued on May 6, 2024, has been retracted as per the new announcement.

EKO HOT BLOG reports the Central Bank of Nigeria, CBN has withdrawn the circular directing banks and other financial institutions to implement the 0.5 per cent cyber security levy.

The withdrawal of the circular was announced via a statement signed by Haruna Mustafa, Director, Financial Policy and Regulation, Department and Chibuzo Efobi, Director, Payment System Management Department.

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The circular stated: “The Central Bank of Nigeria circular dated May 6, 2024 (Ref. PSMD/DIR/PUB/LAB/017/004) on the above subject refers. ‘

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“Further to this, please be advised that the above referenced circular is hereby withdrawn.”

Recall, 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.  

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