The Central Bank of Nigeria (CBN) has recently addressed confusion surrounding the cybersecurity levy on electronic transfers, asserting that it has not reintroduced this levy despite reports suggesting otherwise.
On May 6, 2024, the CBN mandated that all commercial, merchant, non-interest, and payment service banks, along with mobile money operators, implement a 0.5 percent cybersecurity levy on electronic transactions. However, just two weeks later, on May 20, the bank suspended this directive, effectively halting the implementation of the levy.
Recent media reports have reignited the discussion by claiming that the CBN has reinstated the levy, referencing the “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025.” In light of these claims, the CBN issued a statement on Friday to clarify its stance.
The bank emphasized that the guidelines in question were issued before December 31, 2023, and reiterated that its position on the cybersecurity levy remains unchanged. In the statement, the CBN noted, “Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued prior to 31st December 2023, which have changed in the light of revisions and updates in 2024.”
Furthermore, the CBN specifically pointed out the Cybersecurity Levy, stating, “which was suspended in May 2024, superseding the circular reported in the Guidelines.”
This clarification aims to dispel any misunderstandings and ensure that stakeholders are fully informed about the current regulatory landscape regarding electronic transfers in Nigeria. As the financial sector continues to evolve, the CBN remains committed to providing clear and accurate information to the public and industry players.
For further updates, stakeholders are encouraged to keep an eye on official communications from the CBN, ensuring they remain informed of any future developments in this area.