The Central Bank of Nigeria (CBN) has clarified that it has not reinstated the cybersecurity levy that was previously suspended.
The levy, which mandated all banks in Nigeria to collect and remit a 0.5 percent cybersecurity levy to the office of the National Security Adviser, was suspended following a decision by the Federal Executive Council (FEC) in response to public outcry.
Despite reports suggesting the reintroduction of the levy, the CBN has denied these claims. The denial was made in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 circular, released on September 17.
The CBN emphasized that the publication is a compilation of previously issued policies and guidelines up to December 31 of the relevant year, and any changes or revisions made after that date are not reflected in the document.
The CBN highlighted that the suspension of the cybersecurity levy in May 2024 supersedes any previous circulars or guidelines mentioning the levy.
The bank also addressed other instances of misinterpretation or misrepresentation of its policies in the circular, urging stakeholders to seek clarification before publishing information.
The CBN emphasized that the Guidelines serve as a historical record of past policies and directives and do not include new directives or changes made after December 31, 2023.
The bank reaffirmed its commitment to providing clear monetary policy direction for the overall benefit of the economy and urged stakeholders to verify information about the bank before dissemination.
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