The Central Bank of Nigeria (CBN) has announced that it has not reintroduced the suspended cybersecurity levy on electronic transfers, following reports making the rounds on different news platforms.
The Nigeria Central Bank, on May 6, 2024, ordered all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators, to charge a 0.5 percent cybersecurity levy on electronic transfers.
However, the apex bank later withdrew this directive, effectively suspending the proposed levy.
Recent reports has alleged that the CBN reinstated the levy, citing references from the “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025.”
In response, the bank issued a statement on Friday, emphasizing that the guidelines referenced were issued prior to December 31, 2023, and its position regarding the suspension of the cybersecurity levy has not changed.
The CBN stated, “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.
“One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the Guidelines.”
The clarification aims to alleviate confusion surrounding the bank’s policy and reaffirm its commitment to transparency in its operations.
As the financial landscape continues to evolve, the CBN’s proactive communication reflects its efforts to keep stakeholders informed and mitigate any potential disruptions in the banking sector.
 has announced that it has not reintroduced the suspended cybersecurity levy on electronic transfers, following reports making the rounds on different news platforms.){kind=link}