Against the backdrop of severe public criticism and protest, the Central Bank of Nigeria , CBN, has withdrawn its directive that required banks and payment service providers to collect and remit 0.5 per cent of electronic transaction as cyber security fees as specified under the Cybercrime Prevention and Prohibition Amendment Act of 2024.
This move came on the heels of a presidential veto in sympathy with public outcry by President Tinubu on arrival in the country from an official trip to the Netherlands and Saudi Arabia.
The initial mandate, outlined in a May 6 circular, aimed at bolstering national cybersecurity measures by enforcing the collection of a national cybersecurity levy from financial institutions, payable by customers.
The CBN, in its latest circular dated May 17, 2024, referred to the earlier May 6, 2024 circular and advised financial institutions that the initial circular on the implementation of the cybersecurity levy “is hereby withdrawn”.
The circular was co-signed by its Director of Payments System Management Department, Chibuzo Efobi; and his counterpart at the Financial Policy and Regulation Department, Haruna Mustafa.
