CBN Clarifies: Cybersecurity Levy Has Not Been Reintroduced

CBN Clarifies: Cybersecurity Levy Has Not Been Reintroduced

The Central Bank of Nigeria (CBN) has confirmed that it has not reinstated the previously suspended cybersecurity levy on electronic transfers, following recent media reports suggesting otherwise…….CONTINUE READING 

On May 6, 2024, the CBN directed all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators, to implement a 0.5 percent cybersecurity levy on electronic transfers. However, just two weeks later, on May 20, the CBN withdrew this directive, suspending the levy.

Recent reports cited references from the “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025,” leading to speculation about the levy’s return. In response, the CBN issued a statement on Friday, clarifying that the guidelines in question were established before December 31, 2023, and reaffirming its stance on the suspension of the cybersecurity levy.

The bank explained, “Some recent media publications referencing aspects of the Guidelines relate to policy positions issued prior to December 31, 2023, which have changed due to revisions in 2024. The Cyber Security Levy, which was suspended in May 2024, supersedes the circular mentioned in the Guidelines.”

This clarification seeks to clear up any confusion regarding the bank’s policy and underscores its commitment to transparency. As the financial landscape evolves, the CBN aims to keep stakeholders informed and prevent potential disruptions in the banking sector.