The Central Bank of Nigeria (CBN) has officially stated that it has not reinstated the previously suspended cybersecurity levy on electronic transfers, despite recent media reports suggesting otherwise.
Initially mandated on May 6, 2024, the 0.5 percent levy on electronic transfers was quickly withdrawn by the CBN just two weeks later, suspending its implementation.
Recent claims of the levy’s reinstatement were based on references to the “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025.” In response, the CBN issued a statement affirming that these guidelines were published prior to December 31, 2023, and the bank’s stance on the levy remains unchanged.
The CBN emphasized that the reports reference outdated policy positions, highlighting that the cybersecurity levy was suspended in May 2024, superseding any previous circulars.
This clarification aims to clear up any confusion regarding the bank’s policies and underscores the CBN’s commitment to maintaining transparency in its operations, especially as the financial landscape continues to evolve.
