This action follows confusion regarding the Cybersecurity Levy, which was initially referenced in the guidelines released on September 17, 2024, but has since been suspended.
In a comprehensive statement, the CBN clarified that the levy had been put on hold since May 2024, a decision made in response to public backlash and the Federal Executive Council's (FEC) resolution.
The CBN emphasized that the guidelines were meant to serve as a reference to previous policies and directives up to December 31, 2023, rather than introducing new regulations.
However, the misinterpretation by some media sources has led to the decision to withdraw the document temporarily.
The cybersecurity levy, rooted in the Cybercrime Prevention and Prohibition Amendment Act of 2024, was initially required by the CBN to be collected by commercial banks, payment service providers, and non-interest banks.
These entities were expected to remit the levy to the relevant authorities to bolster the nation’s cybersecurity framework. Nonetheless, due to considerable public opposition, the Federal Executive Council chose to suspend the levy during its meeting in May 2024.
In accordance with the FEC’s decision, the CBN has officially retracted its previous circular that directed financial institutions to collect and remit the levy.
This change was communicated to relevant stakeholders via a new circular that replaces earlier instructions.
The CBN indicated that this withdrawal was intended to "minimize the risk of any further misrepresentation" and to enhance clarity within the nation’s cybersecurity framework.
The CBN highlighted that the primary purpose of its biennial guidelines is to serve as a comprehensive reference for stakeholders regarding monetary, credit, foreign trade, and exchange policies.
The bank clarified that the document is not a set of new policies but rather a compilation of previously established directives and guidelines, designed to facilitate easier access to policy information for stakeholders.
According to the CBN, the guidelines fulfill three main functions. Firstly, they provide a unified reference point for stakeholders, simplifying the navigation of CBN policy. Secondly, they establish a framework for resolving policy conflicts among stakeholders, offering a basis for adjudication.
Lastly, the guidelines provide further clarification on CBN policies and directives, ensuring that stakeholders comprehend and implement the policies accurately.
The apex bank reiterated that the provisions within the guidelines are applicable only to the extent that no updates or revisions have been made to the policies included.
Additionally, the bank noted that recent changes and updates to certain policies—especially those occurring in 2024—have rendered portions of the guidelines obsolete.
The bank emphasized that, consistent with previous editions, the latest publication (January 2024) encompasses policies and guidelines that were effective until December 31, 2023.
While some of these policies will continue to be relevant through 2024 and 2025, many others will no longer be applicable due to subsequent updates or revisions.
The Central Bank of Nigeria (CBN) has emphasized the importance of this clarification to avoid any further confusion regarding the applicability of obsolete policies.