CBN has just debunked fake news surrounding the reintroduction of the Suspended Cybersecurity Tax.
The Media Geniuses Nigeria reports that the Central Bank of Nigeria (CBN) has clarified that it has not reintroduced the previously suspended cybersecurity levy on wire transfers, following reports suggesting otherwise.
On May 6, 2024, the central bank ordered all commercial, merchant, interest-free and payment service banks, as well as mobile money operators, to levy a 0.5 percent cybersecurity tax on electronic transfers.
However, just two weeks later, on May 20, the CBN withdrew this directive, effectively suspending the proposed tax.
Recent media reports claimed that the CBN reinstated the tax, citing references from the “Monetary, Credit, Foreign Trade and Exchange Rate Policy Guidelines for Fiscal Years 2024-2025.”
In response, the bank issued a statement on Friday, emphasizing that the guidelines referred to were issued before December 31, 2023 and that its position regarding the suspension of the cybersecurity tax has not changed.
The CBN stated: “Some recent media reports that refer to aspects of the Guidelines refer to Bank policy positions issued before December 31, 2023, which have changed in light of the reviews and updates in 2024.
“One example is the cybersecurity tax, which was suspended in May 2024, replacing the circular reported in the Guidelines.”
The clarification is intended to alleviate confusion surrounding the bank's policy and reaffirm its commitment to transparency in its operations.
As the financial landscape continues to evolve, the CBN’s proactive communication reflects its efforts to keep stakeholders informed and mitigate any potential disruption to the banking sector.
