We’ve not reintroduced cybersecurity levy, says CBN

We’ve not reintroduced cybersecurity levy, says CBN

 The Central Bank of Nigeria (CBN) says it has not
reintroduced the cybersecurity levy that was previously suspended.

 

On May 6, the apex bank directed all commercial, merchant,
non-interest and payment service banks, mobile money operators, and payment
service providers to charge a 0.5 percent cybersecurity levy on electronic
transfers.

 

The CBN later withdrew the directive on May 20, essentially
suspending the proposed cybersecurity levy on electronic transfers.

 

However, reports had claimed that the apex bank reinstated
the levy, quoting 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.

 

“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,” the
CBN said.

 

“One example is the Cyber Security Levy, which was suspended
in May 2024, superseding the circular reported in the Guidelines.”

 

CBN said the guidelines “must primarily” be viewed as a
record of policies, circulars and directives issued “up to the end of 2023”.

 

The bank said they are not new directives and should not be
reported as such, adding that it would continue to provide clear monetary
policy direction and advice for the overall benefit of the economy.

Source: We’ve not reintroduced cybersecurity levy, says CBN

 - NigerianEye
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