The Central Bank of Nigeria (CBN) has officially rescinded its directive that required banks and payment service providers to collect and remit fees as specified under the Cybercrime Prevention and Prohibition Amendment Act of 2024.

Announced in a revised circular dated May 17, 2024, this move marks a significant policy reversal. 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.

Titled “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,” it indicates a complete withdrawal of the earlier circular and a pause in enforcing the levy collection.

The Federal Executive Council responded by suspending the law’s provisions, citing the need for additional reviews to address the concerns raised.

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