The Central Bank of Nigeria (CBN) has denied reintroducing the cybersecurity levy which collection was recently suspended.
The levy, initially mandated at 0.5 percent for banks to collect on behalf of the National Security Adviser, was put on hold following backlash from the public and a directive from the Federal Executive Council.
Despite ongoing rumors suggesting the levy’s reintroduction, the CBN firmly denied these claims in its recent Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the 2024-2025 fiscal years.
In a circular issued on September 17, the CBN addressed misunderstandings surrounding its guidelines, stating that the document reflects prior policies up to December 31, 2023.
The CBN reiterated that the cybersecurity levy, suspended in May 2024, is no longer applicable, and stressed the importance of accurate reporting regarding its policies. The bank encouraged stakeholders to seek clarification before disseminating information.
