The Central Bank of Nigeria (CBN) has cleared the air regarding reports that it has reinstated the previously suspended cybersecurity levy on electronic transfers.
Back in May 2024, the CBN instructed all banks and mobile money operators to charge a 0.5% levy on electronic transfers for cybersecurity purposes. However, this directive was withdrawn just two weeks later, on May 20, 2024.
Recently, some media outlets reported that the levy had been reintroduced, citing references from the “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025.”
In response, the CBN issued a statement on Friday, clarifying that these guidelines were issued before December 31, 2023, and that the suspension of the cybersecurity levy remains in effect.
The CBN emphasized that the cybersecurity levy, which was suspended in May 2024, still stands, and any reports suggesting otherwise are outdated.
This clarification comes as part of the CBN’s ongoing efforts to maintain transparency and keep the public informed, ensuring that there is no misunderstanding regarding its policies as the financial environment evolves.
