The Central Bank of Nigeria (CBN) has not reinstated the cybersecurity levy that was previously suspended. The CBN had suspended the enactment of the cybersecurity levy following a decision by the Federal Executive Council (FEC). In a notice in May, the CBN mandated all banks in Nigeria to collect and remit a 0.
The Central Bank of Nigeria has not reinstated the cybersecurity levy that was previously suspended. The CBN had suspended the enactment of the cybersecurity levy following a decision by the Federal Executive Council . In a notice in May, the CBN mandated all banks in Nigeria to collect and remit a 0.5 percent cybersecurity levy to the office of the National Security Adviser. However, the Nigerian government ordered the suspension of the levy amid outrage from citizens.
'As stated explicitly in the document to guide stakeholders, the CBN reiterates that the publication is a compilation of previously issued policies and guidelines by the Bank up to a cut-off date, typically December 31 of the relevant year. 'Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued prior to December 31, 2023, which have changed in light of revisions and updates in 2024.
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