The Central Bank of Nigeria (CBN) has clarified that it has not reinstated the previously suspended cybersecurity levy. On May 6, the CBN had directed commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers, to charge a 0.5 percent cybersecurity levy on electronic transfers.
However, this directive was withdrawn on May 20, effectively suspending the levy.
Recent reports had claimed that the CBN had reintroduced the levy, citing the “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025.”
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In a statement on Friday, the CBN clarified that the guidelines were issued before December 31, 2023, and confirmed that its stance on suspending the levy has not changed.
“Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued prior to 31st December 2023, which have changed in the light of revisions and updates in 2024,” the CBN said.
“One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the Guidelines.”
The CBN clarified that the guidelines should “primarily” be seen as a compilation of policies, circulars, and directives issued “up to the end of 2023.”
The bank emphasized that these are not new directives and should not be reported as such. It also reaffirmed its commitment to providing clear monetary policy direction and guidance for the overall benefit of the economy.
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