The Central Bank of Nigeria (CBN) has retracted its directive instructing banks and financial institutions to enforce a 0.5 percent cyber security levy. This reversal was communicated through 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The withdrawn circular, dated May 6, 2024 (Ref. PSMD/DIR/PUB/LAB/017/004), has been rescinded, as per the recent announcement.
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“Further to this, please be advised that the above referenced circular is hereby withdrawn.”
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