The Central Bank of Nigeria (CBN) has confirmed that it has not reintroduced the previously suspended cybersecurity levy on electronic transfers, following recent media reports suggesting otherwise.
Initially, on May 6, 2024, the CBN mandated a 0.5 percent cybersecurity levy for all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators. However, just two weeks later, on May 20, the bank withdrew this directive, suspending the levy.
Recent reports referenced the “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025,” leading to speculation about the reinstatement of the levy. In response, the CBN issued a statement on Friday, clarifying that the guidelines cited were based on policies established before December 31, 2023, which have since been updated.
The bank emphasized, “The Cyber Security Levy was suspended in May 2024, superseding the circular reported in the Guidelines.” This clarification aims to eliminate confusion regarding the bank’s policies and reinforce its commitment to transparency.
As the financial landscape evolves, the CBN’s proactive communication seeks to keep stakeholders informed and minimize potential disruptions in the banking sector.