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| CBN Rescinds Directive on Cyber Security Levy |
The statement read: "The Central Bank of Nigeria's circular dated May 6, 2024 (Ref. PSMD/DIR/PUB/LAB/017/004) concerning the aforementioned matter is referenced. '
The Central Bank of Nigeria (CBN) has rescinded the directive that required banks and other financial institutions to enforce the 0.5% cyber security levy.
The revocation of the directive was communicated in a statement co-signed by Haruna Mustafa, Director of Financial Policy and Regulation Department, and Chibuzo Efobi, Director of Payment System Management Department.
The statement read: "The Central Bank of Nigeria's circular dated May 6, 2024 (Ref. PSMD/DIR/PUB/LAB/017/004) concerning the aforementioned matter is referenced. '
Subsequently, please note that the circular mentioned above has been rescinded."
