The Central Bank of Nigeria (CBN) has clarified that it has not reintroduced the previously suspended cybersecurity levy on electronic transfers. This follows concerns raised after the bank's recent policy guidelines indicated a change in the percentage of the levy.
Initially, on May 6, 2024, the CBN instructed all commercial and payment service banks to implement a 0.5 percent cybersecurity levy on electronic transactions. However, due to public backlash, the bank suspended this directive on May 20.
In its recently released "Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025," the CBN noted a revised percentage of 0.005%, which raised questions about the levy’s status.
In response, the CBN issued a statement on September 20, emphasizing that the guidelines were based on policies established before December 31, 2023, and that its decision to suspend the levy remains unchanged.
The bank explained that recent media reports might have misinterpreted these guidelines, which reflect previous policy positions that have since been updated. The CBN reiterated that these guidelines should be seen as a historical record rather than new directives. It assured the public that it would continue to provide clear monetary policy guidance for the country's economic benefit.
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