The Central Bank of Nigeria (CBN) has denied reports claiming the controversial cybersecurity levy has been reintroduced.
In a report released on Friday, the apex bank clarified that the suspension of the cybersecurity levy, supersedes the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for 2024-2025 which announced its reintroduction.
In a notice in May, the CBN had mandated all banks in Nigeria to collect and remit a 0.5 per cent cybersecurity levy to the office of the National Security Adviser.
The Central Bank of Nigeria (CBN) has not reinstated the cybersecurity levy that was previously suspended.
The CBN had suspended the enactment of the cybersecurity levy following a decision by the Federal Executive Council (FEC). In a notice in May, the CBN mandated all banks in Nigeria to collect and remit a 0.5 percent cybersecurity levy to the office of the National Security Adviser. But the Federal Government ordered the suspension of the levy over outrage from citizens.
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The apex bank said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024. In response, the CBN has temporarily withdrawn the document to minimise risk of any further misrepresentation”.
As is stated explicitly in the document to guide stakeholders, the CBN reiterates that the publication is a compilation of previously issued policies and guidelines issued by the Bank up to a cut-off date, typically December 31 of the relevant year.
“One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the guidelines”.
It explained that as in all previous editions, the current document is intended to achieve a single reference source for the ease and convenience of stakeholders, a valid compilation of policies, directives, and guidelines for adjudication in conflict situations involving stakeholders and additional clarification of policies and guidelines.
The apex bank said that as a compendium of previously issued policies and guidelines, the provisions are applicable only to the extent that there have been no updates or revisions to the guidelines and policies contained therein. This is stated explicitly in the document to guide stakeholders.
“In line with prior editions, the most recent publication (January 2024) contains policies and guidelines issued by the Bank up to 31st December 2023, some of which will remain relevant during the period 2024 – 2025. However, several others may cease to apply owing to revisions or updates that become applicable in the aftermath of its publication,” it said.
“ 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.
“Certain technical aspects of the Guidelines have been widely misreported and misrepresented. For example, reports have mistakenly sought to link the fuel subsidy removal to external reserves. Such reports essentially missed the analytical basis for the original statement, which was intended to observe a potential risk that was to be mitigated by policy. More recently, policies of the Bank around the Naira exchange rate and those of the fiscal authorities have positively altered the outlook of the subject in question”.
The CBN said it will continue to provide clear monetary policy direction and advice for the overall good of the economy and urged all stakeholders to seek clarification of information about the Bank before publishing.