The Central Bank of Nigeria (CBN) has issued clarifications regarding its "Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025," which was published on September 17, 2024. In a statement on Friday, the CBN announced that it has temporarily withdrawn the document to prevent misinterpretation and confusion among stakeholders.

The bank explained that the guidelines are a compilation of existing policies up to December 31, 2023, not new directives. Some media outlets had misreported aspects of the document, leading to confusion, particularly on issues like the Cyber Security Levy and the connection between fuel subsidy removal and external reserves.

The CBN emphasized that the guidelines are meant to provide a reference for stakeholders and that revisions may occur as necessary. It urged stakeholders to seek clarification before reporting on CBN policies to avoid further misinterpretation.

This clarification followed concerns over the bank's intention to maintain its Ways and Means Advances to the Federal Government at a 5% limit, which contradicts a National Assembly bill that raised the borrowing cap to 10%.

The Central Bank of Nigeria (CBN) has reduced the cybersecurity levy on electronic transactions from 0.5% to 0.005% in its fiscal guidelines for 2024-2025. This adjustment follows widespread opposition to the initial levy introduced earlier in the year, which faced resistance from the Nigeria Labour Congress, Trade Union Congress, and bank customers.

According to the CBN, "the mandatory levy of 0.005% on all electronic transactions by banks and other financial institutions will continue to be enforced, in line with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015." The levy, introduced under the 2015 Act and amended in 2024, is intended to support the National Cybersecurity Fund, which is overseen by the Office of the National Security Adviser.

The 0.005% fee will apply to electronic transactions carried out by commercial banks, merchant banks, non-interest banks, and payment service banks. However, certain transactions are exempt, including wage payments, loan disbursements and repayments, transfers between accounts belonging to the same client or bank, intra-bank transfers, cheque settlements, Letters of Credit, and transactions between banks and the CBN.

Earlier in May, President Bola Tinubu ordered a suspension and review of the levy following protests, and the House of Representatives demanded its immediate withdrawal. Despite the pushback, the CBN has decided to proceed with the levy at the revised rate, incorporating it into its monetary and exchange policies for the upcoming fiscal years.