CBN denies reintroduction of Cyber security levy 

There is no plan to reintroduce the controversial cyber security levy, the Central Bank of Nigeria (CBN) has said. Providing insights into its biennial publication on monetary, credit, foreign trade, and exchange policy guidelines for fiscal years 2024-2025 (monetary policy circular No. 45) published on September 17, 2024, which erroneously portrays a reemergence of the levy, the CBN said on Friday in Abuja that the intention of the publication was misconstrued.

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 the 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,” it explained.
 
The apex bank disclosed that the guidelines should primarily be viewed as a record of policies, circulars and directives issued by the Bank up to the end of 2023, adding that the publication does not contain new directives and should not be reported as such.  
 
It added: “The Bank will continue to provide clear monetary policy direction and advice for the overall good of the economy. We urge all stakeholders to seek clarification of information about the Bank before publishing.”
 
The CBN noted that the document was meant to guide stakeholders, adding 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.
 
It stated that as in all previous editions, the current document is intended to serve as 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 as well as an additional clarification of policies and guidelines.
 
Noting that the publication further provides the public with avenues for obtaining clarifications on the whole or any part of the document on pages 147 and 148, the CBN said it has temporarily withdrawn the document to minimise the risk of any further misrepresentation.