In a surprising move, the Central Bank of Nigeria (CBN) has rescinded its previous directive concerning the enforcement of the national cybersecurity levy. This decision has significant implications for financial institutions and stakeholders within the country's cybersecurity landscape.

The national cybersecurity levy was initially introduced as a measure to bolster the country's cybersecurity infrastructure. The levy was aimed at generating funds to enhance the capabilities of the National Information Technology Development Agency (NITDA) and other relevant bodies in combating cyber threats. Financial institutions were mandated to comply with this directive, contributing a percentage of their annual turnover towards the fund.

On May 2024, the CBN issued a statement announcing the withdrawal of the circular enforcing the cybersecurity levy. The decision came after extensive consultations with stakeholders and a thorough review of the policy's impact on the financial sector.

The CBN's withdrawal of the circular on the enforcement of the national cybersecurity levy marks a significant policy shift. While it addresses immediate concerns from financial institutions, it also highlights the need for innovative and collaborative solutions to strengthen Nigeria's cybersecurity framework. Going forward, stakeholders will need to engage in proactive dialogue to ensure that the country's cybersecurity infrastructure is robust and well-funded without imposing undue burdens on the financial sector.