Business

Finally, CBN Withdraws Circular On Cyber Security Levy

This retraction was announced in a statement signed by Haruna Mustafa.

By Johnson Atoukudu

The Central Bank of Nigeria (CBN) has retracted the directive instructing banks and other financial institutions to impose a 0.5 percent cybersecurity levy.

This retraction was announced in a statement signed by Haruna Mustafa, Director of the 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“Further to this, please be advised that the above referenced circular is hereby withdrawn.”

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