CBN Denies Reinstating Suspended Cybersecurity Levy

The Central Bank of Nigeria (CBN) has denied rumors that it plans to reinstate the previously suspended cybersecurity levy. The levy, which required Nigerian banks to contribute 0.5% of their profits to the National Security Adviser's office, was put on hold following a decision by the Federal Executive Council (FEC).

In May, the CBN had issued a notification directing banks to collect and remit the cybersecurity levy. However, following public outcry, the government ordered the suspension of the charge.

Despite ongoing speculation that the levy might be reinstated, the CBN has firmly denied these rumors. The denial was included in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024–2025, released on September 17.

In the circular, the CBN stated:
“The attention of the Central Bank of Nigeria (CBN) has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication. In response, the CBN has temporarily withdrawn the document to minimize the risk of further misrepresentation.”

The bank emphasized that the guidelines are merely a compilation of previously issued policies up to December 31, 2023. “One example is the cybersecurity levy, which was suspended in May 2024, superseding the circular reported in the Guidelines,” the CBN explained.

The bank also noted that some reports have incorrectly linked certain policies, such as the fuel subsidy removal, to external reserves. The CBN urged stakeholders to seek clarification before publishing any information to avoid confusion.

In conclusion, the CBN reassured the public that it will continue to provide clear guidance on monetary policies for the benefit of the economy.