The Central Bank of Nigeria (CBN) has firmly denied the reintroduction of the previously suspended 0.5 percent cybersecurity levy on Nigerians.
This clarification comes amid widespread rumors and public concern suggesting that the levy, which initially mandated banks to collect and remit funds to the National Security Adviser, was being reinstated.
In a statement published, the CBN emphasized that the cybersecurity levy had been suspended following a decision by the Federal Executive Council (FEC) in response to significant public backlash. Despite this suspension, recent reports erroneously claimed that the apex bank had reintroduced the levy.
The CBN addressed these misconceptions in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, released on September 17, 2024.
The circular stated: “The attention of the Central Bank of Nigeria (CBN) has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines, published on September 17, 2024.
In response, the CBN has temporarily withdrawn the document to minimize the risk of any further misrepresentation.”
The CBN clarified that the guidelines were merely a compilation of existing policies up to December 31, 2023, and not new directives.
The bank reiterated that the cybersecurity levy, suspended in May 2024, was one such policy that had been misreported. “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.
One example is the cybersecurity levy, which was suspended in May 2024, superseding the circular reported in the Guidelines,” the CBN explained.
The bank urged stakeholders and the public to seek clarification before publishing information about its policies to avoid further misinformation. The CBN assured that it would continue to provide clear monetary policy direction for the overall good of the economy.
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