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BREAKING: CBN Speaks On Reintroducing 0.5% Cybersecurity Levy On Electronic Transfers

Published

3 months ago

Sep 20, 2024.

The Central Bank of Nigeria (CBN) has refuted claims that it has reinstated the cybersecurity levy on electronic transfers, a charge that was suspended earlier this year.

Originally, on May 6, 2024, the CBN issued a directive requiring all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators, to implement a 0.5% cybersecurity levy on electronic transfers. However, this directive was rescinded just two weeks later, on May 20, 2024, when the CBN officially suspended the levy.

Recently, media reports surfaced alleging that the CBN had reintroduced the levy, citing information from the “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025.”

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EKO HOT BLOG reports that in response, the CBN clarified in a statement on Friday that these guidelines were issued before December 31, 2023, and the suspension of the cybersecurity levy remains in effect.

The CBN’s statement emphasized that its position on the levy has not changed since the suspension and that the references in the guidelines do not reflect current policy.

This clarification is intended to address any confusion and reaffirm the CBN’s commitment to transparency and clear communication with stakeholders, ensuring that there are no misunderstandings in its ongoing efforts to maintain stability and confidence in the financial sector.