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The Central Bank of Nigeria (CBN) has reiterated that the cybersecurity levy on electronic transfers, previously suspended in May 2024, has not been reintroduced, despite reports indicating a new guideline for the 2024-2025 fiscal year.
The bank clarified that its stance on the suspension remains unchanged, following earlier directives to charge a 0.5% levy on electronic transfers, which was halted due to public backlash.
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The updated guideline reportedly reduced the proposed levy to 0.005%, sparking concerns over its potential reintroduction.
In a statement released on Friday, September 20, the CBN emphasized that the new guidelines reflect policies issued before December 31, 2023, and do not indicate a reversal of the suspension.
“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,” the CBN said.
With the Nigerian economy under strain, including surging fuel prices, the CBN has been urged to reconsider introducing additional levies.
Citizens are grappling with rising costs of living, and any extra financial burdens, such as cybersecurity levies, could further strain household incomes.
The CBN has assured that it will continue to provide clear policy direction for the benefit of the economy.
