The Central Bank of Nigeria (CBN) has temporarily withdrawn its biennial Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for 2024-2025 following widespread media misreporting.
This decision comes in light of misunderstandings surrounding the now-suspended Cybersecurity Levy, initially mentioned in the guidelines published on September 17, 2024.
In a detailed statement, the CBN clarified that the levy had been suspended since May 2024, following public outcry and a decision by the Federal Executive Council (FEC).
The CBN explained that the guidelines were intended as a reference to past policies and directives issued up to December 31, 2023, and not as new regulations.
However, some media outlets misrepresented the information, which has prompted the temporary withdrawal of the document.
The cybersecurity levy, which had its roots in the Cybercrime Prevention and Prohibition Amendment Act of 2024, was originally mandated by the CBN for collection by commercial banks, payment service providers, and non-interest banks.
These institutions were to remit the levy to the appropriate authorities to enhance the nation’s cybersecurity infrastructure. However, due to strong public resistance, the Federal Executive Council opted to suspend the levy during its last meeting in May 2024.
In line with the FEC’s decision, the CBN formally withdrew its earlier circular instructing financial institutions to collect and remit the levy.
