URBANEXPRESSLIVEURBANEXPRESSLIVEURBANEXPRESSLIVE
  • Home
  • Politics
    Politics
    “Followers who tell the truth, and leaders who listen to it, are an unbeatable combination.”— Warren Bennis
    Show More
    Top News
    Ogbomoso: Why Soun’s Feud With  Chief Imam is Threatening Peace-Muslim Community
    September 5, 2024
    How Tambuwal’s Aide Languishes In Custody For Criticizing Sokoto First Lady For Allegedly Spraying Dollars
    September 17, 2024
    Election Updates; How PDP Stands, Win Four Out of Six Announced Results
    September 22, 2024
    Latest News
    Why ADC Coalition Will Be Decimated Before 2027-Buba Galadima
    September 16, 2025
    2027: Salvador, Ex-Senatorial Candidate of LP, Joins ADC In Lagos
    September 14, 2025
    APC Blasts Aregbesola Over Aso Rock, Lagos Takeover Comment, ‘Says From Landlord To Tenant
    September 14, 2025
    You Can’t Subdue the Institution- Sen Zam To Natasha On WhatsApp Group
    September 11, 2025
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Search
  • Advertise
© 2024 Urbanexpresslive. All Rights Reserved.
Reading: We Didn’t Reinstate Cybersecurity Levy On Nigerians-CBN Debunk Claims
Share
Notification Show More
Font ResizerAa
URBANEXPRESSLIVEURBANEXPRESSLIVE
Font ResizerAa
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
Search
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
URBANEXPRESSLIVE > web-Page > Business > We Didn’t Reinstate Cybersecurity Levy On Nigerians-CBN Debunk Claims
BusinessDiscover

We Didn’t Reinstate Cybersecurity Levy On Nigerians-CBN Debunk Claims

urbanexpresslive
Last updated: September 20, 2024 10:18 am
urbanexpresslive
Share
3 Min Read
SHARE

Taiwo Popoola

The Central Bank of Nigeria (CBN) has not reinstated the cybersecurity levy that was previously suspended.

The CBN had suspended the enactment of the cybersecurity levy following a decision by the Federal Executive Council (FEC).

In a notice in May, the CBN mandated all banks in Nigeria to collect and remit a 0.5 percent cybersecurity levy to the office of the National Security Adviser.

However, the Nigerian government ordered the suspension of the levy amid outrage from citizens.

Despite the suspension, there have been reports of the apex bank reintroducing the levy.

However, the apex bank has denied reintroducing the levy amid outrage from Nigerians.

The denial was contained in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 circular.

The circular, released on September 17, reads in part:

“The attention of the Central Bank of Nigeria (CBN) has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines, published on September 17, 2024.

“In response, the CBN has temporarily withdrawn the document to minimize the risk of any further misrepresentation.

“As stated explicitly in the document to guide stakeholders, the CBN reiterates 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.

“Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued prior to December 31, 2023, which have changed in light of revisions and updates in 2024.

“One example is the cybersecurity levy, which was suspended in May 2024, superseding the circular reported in the Guidelines.

“Certain technical aspects of the Guidelines have been widely misreported and misrepresented. For example, reports have mistakenly sought to link the fuel subsidy removal to external reserves. Such reports essentially missed the analytical basis for the original statement, which was intended to observe a potential risk that was to be mitigated by policy.

“More recently, policies of the Bank around the naira exchange rate and those of the fiscal authorities have positively altered the outlook of the subject in question.

“In summary, the Guidelines must primarily be viewed as a record of policies, circulars, and directives issued by the Bank up to the end of 2023. They are not new directives and should not be reported as such.

“The Bank will continue to provide clear monetary policy direction and advice for the overall good of the economy. We urge all stakeholders to seek clarification of information about the Bank before publishing.”

All the corrections made were grammatical, including the addition of proper capitalization and punctuation.

You Might Also Like

I’m Uncertain Running For 2027 Presidential Election- Atiku

Trump Hits Mexico, China, China With Steep Tariffs As Trade War Erupts

In Search of Justice: Alhaja Enitanwa Muibat Lanre Shittu’s Plea for Recognition and Dignity

Rivers Crisis: What Wike Revealed When Fubara Came With Two APC Govs To His House

$6billion Debt: Atiku Slams NNPCL, Says Its Layers of Deceit

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article Edo Guber: Your Neutrality is Needed-Jonathan Appeal to INEC, Security-Personnel
Next Article Naira Appreciates As Dollar Supply Drops At Foreign Exchange Market
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -
Ad imageAd image

Latest News

Why ADC Coalition Will Be Decimated Before 2027-Buba Galadima
Discover Politics September 16, 2025
2025 Emmy Awards: How the Studio Sets Record With 13 Wins (Check List)
Entertainment September 16, 2025
EPL: Why I’m Worried For Man Utd Striker Sesko-Rio Ferdinand
Urban Sports September 16, 2025
EPL: Why Paul Scholes Defends Amorim’s System, Criticises Man United’s Hierarchy
Urban Sports September 16, 2025
Executive Master of Transport Management
//

UrbanExpressNews is Nigeria Most Reliable Online News, With Quality Pedigree of Writers made available on the online space.

Download Our App

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

info@urbanexpresslive.com

 

Follow US
© 2024 Urbanexpresslive. All Rights Reserved.
Welcome Back!

Sign in to your account