Politics
CBN Denies Reintroduction Of Cybersecurity Levy
CBN Denies Reintroduction Of Cybersecurity Levy
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The Central Bank of Nigeria (CBN) has issued a clarification, stating that it has not reinstated the previously suspended cybersecurity levy on electronic transfers, contrary to recent reports.
On May 6, 2024, the CBN had directed all commercial, merchant, non-interest, and payment service banks, along with mobile money operators, to implement a 0.5% cybersecurity levy on electronic transfers.
However, by May 20, 2024, just two weeks later, the CBN reversed this decision and suspended the levy.
Recent media outlets inaccurately reported that the levy had been reintroduced, referring to details from the “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025.” The CBN has now confirmed that these reports are incorrect.
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