CBN Makes U-turn, Withdraws Circular On Cybersecurity Levy

The Central Bank of Nigeria, CBN has withdrawn the circular directing banks and other financial institutions to implement the 0.5 per cent cybersecurity levy.

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

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. ‘

“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”