• Monday, May 27, 2024
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Reps direct CBN to pause implementation of 0.5% cybersecurity levy

Reps direct CBN to pause implementation of 0.5% cybersecurity levy

The House of Representatives has directed the Central Bank of Nigeria (CBN) to pause the implementation of the 0.5 percent cybersecurity levy on transactions.

This resolution was made after a motion was moved by Kingsley Chinda, the minority leader of the House, on Thursday.

Read also: FG, cybersecurity levy and the debate thereof

According to a circular released by the 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.

According to the CBN, the directive is in line with the recent amendment to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Chinda said the Cybercrime Act was implemented wrongly by the CBN. The House directed the CBN to withdraw the ambiguous circular and issue a new one that provides clarity.