The directive was signed by Mr. Chivzor Efobi, Director of Payment Systems Management, and Mr. Haruna Mustafa, Director of Financial Policy and Regulation, in a circular addressed to all commercial banks, member banks, interest-free banks, and payment services banks. It was disclosed as follows. Also includes other financial institutions, mobile money operators and payment service providers.
The CBN circular titled “Cybercrime (Prohibition, Prevention etc.) (Amendment) Act, 2024 – Implementation Guidance on Collection and Remittance of National Cybersecurity Tax” reads:
“In the above matter, we are referring 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Please further note that the above circular is hereby withdrawn. ”
In its first circular dated May 6, 2024 addressed to financial institutions, the apex bank directed them to deduct the levy and remit it to the National Cyber Security Fund (NCF), managed by the Office of the National Security Adviser (ONSA). instructed.
The development sparked widespread protests, with trade unions threatening action and pressure groups criticizing the timing of the levy's implementation as rising inflation worsens the cost of living crisis.
The Central Bank of Nigeria (CBN) withdrew the directive after President Bola Tinubu suspended the cybersecurity levy on May 14. Tinubu directed the apex banks to suspend implementation and review their enforcement methods.
