The Central Bank of Nigeria (CBN) has temporarily withdrawn its biennial Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for 2024-2025 following widespread media misreporting.
This decision comes in the light of misunderstandings surrounding the now-suspended Cybersecurity Levy, initially mentioned in the guidelines published on September 17, 2024.
In a detailed statement, the CBN clarified that the levy had been suspended since May 2024, following public outcry and a decision by the Federal Executive Council (FEC).
The CBN explained that the guidelines were intended as a reference to past policies and directives issued up to December 31, 2023, and not as new regulations. However, some media outlets misrepresented the information, which has prompted the temporary withdrawal of the document.
The cybersecurity levy, which had its roots in the Cybercrime Prevention and Prohibition Amendment Act of 2024, was originally mandated by the CBN for collection by commercial banks, payment service providers, and non-interest banks.
These institutions were to remit the levy to the appropriate authorities to enhance the nation’s cybersecurity infrastructure. However, due to strong public resistance, the Federal Executive Council opted to suspend the levy during its last meeting in May 2024.
In line with the FEC’s decision, the CBN formally withdrew its earlier circular instructing financial institutions to collect and remit the levy. This development was communicated to relevant stakeholders through a circular that superseded previous directives. The CBN stated that the withdrawal was made to “minimize risk of any further misrepresentation” and ensure clarity in the nation’s cybersecurity framework.
The CBN emphasised that the primary aim of its biennial guidelines is to provide stakeholders with a comprehensive reference for monetary, credit, foreign trade, and exchange policies. The document, the CBN noted, is not a collection of new policies but a compendium of previously issued directives and guidelines, meant to streamline access to policy information for stakeholders.
According to the CBN, the guidelines serve three core purposes. First, they act as a single reference source for stakeholders, allowing for ease and convenience when navigating CBN policy. Second, they serve as a basis for adjudicating policy conflicts involving stakeholders, providing a valid framework for resolving disputes. Third, the guidelines offer additional clarification on CBN policies and directives, ensuring stakeholders understand and apply the policies correctly.
The apex bank reiterated that the provisions in the guidelines are only applicable to the extent that no updates or revisions have been made to the policies contained therein. The bank further stated that recent amendments and revisions to certain policies—particularly in 2024—have rendered parts of the guidelines outdated.
The bank pointed out that, in line with previous editions, the most recent publication (January 2024) includes policies and guidelines that were in effect up to December 31, 2023. While some of these policies will remain relevant through 2024 and 2025, many others will no longer apply due to subsequent revisions or updates. This clarification is critical, the CBN said, to prevent further misunderstandings about the applicability of outdated policies.
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