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The Central Bank of Nigeria (CBN) has temporarily withdrawn its 2024-2025 Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines. This follows allegations of widespread media misreporting. The guidelines, initially published on September 17, included the controversial cybersecurity levy, which had been reduced to 0.005% in the recent document.
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In a statement on September 20, the CBN clarified that the guidelines had been mistakenly represented as new policies when they were, in fact, a reference to directives issued up to December 31, 2023. The document was quickly taken down, just 24 hours after its release. The bank also explained that the cybersecurity levy had been suspended since May 2024, following public backlash and a Federal Executive Council (FEC) decision.
Many media outlets inaccurately reported that the CBN had reintroduced the cybersecurity levy. The bank responded by stating that the document was intended as a historical reference and not a reflection of current policy.
The cybersecurity levy, introduced under the Cybercrime (Prohibition, Prevention, etc.) Act 2015, was designed to support the National Cybersecurity Fund managed by the Office of the National Security Adviser. It initially mandated a 0.5% fee on all electronic transactions conducted by banks and financial institutions but was reduced to 0.005% in the now-deleted guidelines for 2024-2025.
In May 2024, President Bola Tinubu ordered the suspension of the levy following public outcry, with the House of Representatives also demanding its immediate withdrawal.
The CBN reiterated its commitment to aligning with existing regulations, clarifying that the cybersecurity levy remains suspended as per the President’s directive.
