The Central Bank of Nigeria (CBN) has stated that it has not reintroduced the cybersecurity levy that was previously suspended.
It would be recalled that on May 6, the apex bank directed all commercial, merchant, non-interest and payment service banks, mobile money operators, and payment service providers to charge a 0.5 percent cybersecurity levy on electronic transfers.
However, following public roar, the CBN withdrew the directive on May 20, suspending the proposed cybersecurity levy on electronic transfers.
However, the CBN’s “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025” recently indicated that the percentage has been reduced from 0.5% earlier announced in May 2024 to 0.005% in the new guidelines.
Reacting in a statement released on Friday, September 20, the apex bank noted that the guideline was issued before December 31, 2023, adding that its stance on the suspension has not been revised.
“Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued before 31st December 2023, which have changed in the light of revisions and updates in 2024,” the CBN said.
“One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the Guidelines.”
While adding that the guidelines “must primarily” be viewed as a record of policies, circulars and directives issued “up to the end of 2023”, the bank said they are not new directives, stressing that it would continue to provide clear monetary policy direction and advice for the overall benefit of the economy.
See full statement below;
