CBN Withdraws Cybersecurity Levy Circular After FG’s Suspension

By Yusuf Olukokun

The Central Bank of Nigeria (CBN) CBN, has publicly withdrawn its former circular demanding banks to deduct an unclear cybersecurity levy on electronically initiated transactions.

Following media outrage of the imposed levy some weeks ago, the Nigeria’s apex decision making bank, CBN, released in its circular dated May 17, 2024 reversing the order of the May 6, 2024; stating that the order “is thereby withdrawn.”

However, this latest circular was signed by CBN’s Director of Payments System Management Department, Chibuzo Efobi; and the Financial Policy and Regulation Department, led by Haruna Mustafa.

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