By Uzair Adam
The Central Bank of Nigeria (CBN) has dismissed reports that it has reinstated the previously suspended cybersecurity levy on banks.
The levy, which mandated Nigerian banks to collect and remit a 0.5 percent charge to the National Security Adviser’s office, was suspended earlier this year following a directive from the Federal Executive Council (FEC).
Despite the suspension, rumors surfaced suggesting that the CBN had reintroduced the levy. In response, the apex bank clarified the situation in its recent Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the 2024-2025 fiscal years.
The circular, published on September 17, emphasized that the cybersecurity levy, suspended in May 2024, remains inactive.
The CBN also addressed other misrepresentations of its policy document, noting that some media reports incorrectly linked past policy positions to current circumstances.
The bank reiterated that the guidelines should be seen as a compilation of previous policies up to December 31, 2023, and not as new directives.
The CBN reassured the public that it would continue to offer clear policy guidance for the benefit of Nigeria’s economy and urged media outlets to verify information before publication.