The Central Bank of Nigeria (CBN) claims it has not restored the previously suspended cybersecurity levy.
On May 6, the central bank authorised all commercial, merchant, non-interest, and payment service banks, mobile money operators, and payment service providers to assess a 0.5 percent cybersecurity fee on electronic transactions.
The CBN then revoked the directive on May 20, thus postponing the intended cybersecurity tax on electronic payments.
However, sources suggested that the apex bank renewed the fee, citing the CBN‘s “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025”.
In a statement on Friday, the apex bank said the guideline was issued before December 31, 2023, adding that its stance on the suspension has not been revised.
The CBN said:
“Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued before 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 CBN stated that the guidelines “must primarily” be seen as a record of policies, circulars, and directives issued “up to the end of 2023”.
The bank stated that these are not new directives and should not be reported as such, and that it will continue to provide clear monetary policy guidance and recommendations for the overall benefit of the economy.