Reps Suspend the Enforcement of the 0.5 Cybercrime Levy.
Editor
The House of Representatives on Thursday directed the Central Bank of Nigeria (CBN) to halt the enforcement of the 0.5 per cent cybersecurity levy on transactions.
This resolution came to the fore as a result of a motion of urgent public importance moved by the Minority Leader of the House, Hon. Kingsley Chinda.
According to a circular by the Central Bank of Nigeria (CBN) on Monday, the implementation of the levy would begin two weeks from the day of its announcement. The circular was directed to all commercial, merchant, non-interest and payment service banks.
The CBN said, the directive is in line with the recent amendment to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
Hon. Chinda while Leading the debate on the motion, said, the Cybercrime Act is being implemented wrongly by the CBN.
The House directed the CBN to withdraw the ambiguous circular and issue a new one that provides clarity.
