Nigeria’s Central Bank Denies Reinstating Cybersecurity Levy Amid Outrage
The Central Bank of Nigeria (CBN) has denied reinstating the cybersecurity levy that was previously suspended, amid reports of its reintroduction. The levy, which was suspended in May following a decision by the Federal Executive Council (FEC), was intended to be a 0.5 percent cybersecurity levy collected by banks in Nigeria and remitted to the office of the National Security Adviser.
The CBN’s denial comes in the form of a circular released on September 17, which clarifies the purpose of the bank’s biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines. The circular states that the publication is a compilation of previously issued policies and guidelines by the bank up to a cut-off date, typically December 31 of the relevant year.
The CBN has temporarily withdrawn the document to minimize the risk of further misrepresentation, citing instances of misinterpretation or misrepresentation of its biennial publication. The bank reiterates that the publication is not a new directive and should not be reported as such.
The CBN’s clarification comes amid reports of the bank reintroducing the levy, which have been met with outrage from Nigerians. The bank has urged stakeholders to seek clarification of information about the bank before publishing, emphasizing the importance of accurate reporting.
The CBN’s decision to suspend the levy in May was met with widespread criticism, with many Nigerians expressing concerns about the potential impact on the economy. The suspension was seen as a victory for citizens who had been vocal in their opposition to the levy.
The CBN’s denial of reinstating the levy is a welcome development for many Nigerians, who had been worried about the potential consequences of the levy’s reintroduction. The bank’s commitment to providing clear monetary policy direction and advice for the overall good of the economy is reassuring, and its call for stakeholders to seek clarification of information about the bank before publishing is a necessary step towards promoting accurate reporting.
In conclusion, the CBN’s denial of reinstating the cybersecurity levy is a significant development in the ongoing debate about the levy’s impact on the Nigerian economy. The bank’s commitment to transparency and accuracy is essential for promoting trust and confidence in the financial sector, and its efforts to clarify the purpose of its biennial publication are a step in the right direction.
