CBN denies reinstating cybersecurity levy following public outrage

The Central Bank of Nigeria (CBN) has denied reports of reinstating the previously suspended cybersecurity levy, which sparked public controversy earlier this year.

The CBN had initially mandated Nigerian banks to collect and remit a 0.5% levy to the Office of the National Security Adviser, but this was halted following a directive from the Federal Executive Council (FEC).

Despite speculation of its return, the CBN clarified that the levy remains suspended. The clarification came through its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, released on September 17, 2024.

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In the circular, the CBN addressed the confusion, stating: “The attention of the Central Bank of Nigeria has been drawn to misinterpretations of its publication. The cybersecurity levy, suspended in May 2024, has not been reinstated.”

The apex bank emphasized that the document is a compilation of previous policies issued before December 31, 2023, and is not indicative of new directives. Additionally, it urged the public to seek clarification on such matters to prevent further misinformation.