CBN Addresses Misconceptions About Suspended Cyber Security Levy
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has issued a clarification regarding the Cyber Security Levy, which was suspended in May 2024.
The apex bank emphasized that the levy, while previously announced, was not included in the biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines issued on September 17, 2024.
The CBN recalled that the decision to suspend the levy was made by the Federal Executive Council (FEC) following public outcry.
The Bank had initially issued a circular to banks and payment service providers instructing them to collect and remit the levy, as proposed in the Cybercrime Prevention and Prohibition Amendment Act of 2024. However, this circular was subsequently withdrawn in May 2024.
The CBN reiterated that the guidelines published in September 2024 are a compilation of previously issued policies and directives up to December 31, 2023. The bank emphasized that the guidelines serve as a reference for stakeholders and are not a source of new directives.
To further clarify, the CBN noted that the guidelines are intended to: Provide a single reference source for the ease and convenience of stakeholders. Serve as a valid compilation of policies, directives, and guidelines for adjudication in conflict situations involving stakeholders. Offer additional clarification of policies and guidelines.
The CBN also addressed misconceptions regarding the fuel subsidy removal and its potential impact on external reserves. The CBN clarified that while the guidelines mentioned this potential risk, it was intended as an observation rather than a prediction. Subsequent policy changes, including those related to the naira exchange rate and fiscal policies, have improved the outlook on this matter.
The CBN urged stakeholders and media outlets to seek clarification from the bank before publishing reports to avoid further misunderstandings. The bank reaffirmed its commitment to providing clear and consistent monetary policy guidance to support the Nigerian economy.
