News
Cybersecurity Levy Remains Suspended – CBN
The Central Bank of Nigeria (CBN) has clarified that it has not reinstated the cybersecurity levy that was previously suspended.
The CBN had initially suspended the levy’s implementation following a decision by the Federal Executive Council (FEC). In May, the CBN had directed all banks in Nigeria to collect and remit a 0.5 percent cybersecurity levy to the office of the National Security Adviser.
However, public outcry led the Nigerian government to suspend the levy. Despite this suspension, there have been reports claiming the CBN had reintroduced it.
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In response, the CBN has denied the reports, stating that the levy remains suspended. This clarification was provided in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, issued in a circular on September 17.
The circular reads in part: “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“In response, the CBN has temporarily withdrawn the document to minimize the risk of further misrepresentation.
CBN
“As stated explicitly in the document to guide stakeholders, the CBN reiterates that the publication is a compilation of previously issued policies and guidelines by the Bank up to a cut-off date, typically December 31 of the relevant year.
“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.
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“Reports have also mistakenly linked the Guidelines to other outdated policies, including those related to external reserves and fuel subsidy removal.
“In summary, the Guidelines should be viewed as a record of previously issued policies, circulars, and directives. They are not new directives and should not be reported as such.
“The Bank will continue to provide clear monetary policy direction and advice for the overall good of the economy. We urge all stakeholders to seek clarification of information about the Bank before publishing.”
The CBN emphasized the importance of accurate reporting to avoid confusion over its policies.
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