The Central Bank of Nigeria has withdrawn the directive requiring banks and payment service providers to collect and remit cybersecurity tax as stipulated in the Cybercrime Prevention and Prohibition Amendment Act, 2024.
The apex bank announced this in a revised circular dated May 17, 2024.
The circular was signed by Chivzor Efobi, Director of Payment Systems Management, and Haruna Mustafa, Director of Monetary Policy and Regulation, and was addressed to commercial banks, payment service providers (PSPs), interest-free banks, etc. be.
The circular, obtained by PUNCH Online on Sunday, was titled “Re: Cybercrime (Prohibition, Prevention etc.) (Amendment) Act 2024 – Implementation Guidance on Collection and Remittance of National Cybersecurity Tax”.
It reads: “In the above matter, reference is made to the Central Bank of Nigeria Circular dated May 6, 2024 (Reference: PSMD/DIR/PUB/LAB/017/004).”
“Please further note that the above circular is hereby withdrawn.”
The directive on the collection of the levy received a nationwide backlash, and the presidential administration suspended its implementation.
The Federal Executive Council suspended implementation of the provisions of the law, citing the need for further review.
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