BREAKING: Reps ask CBN to halt implementation of cybersecurity levy

Members of the House of Representatives have directed the Central Bank of Nigeria to halt the implementation of the 0.5 per cent cybersecurity levy on transactions.

The resolution was a sequel to a motion of urgent public importance moved by the Minority Leader of the House, Kingsley Chinda, on Thursday.

A circular released by the CBN on Monday said 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 CBN, the directive is in line with the recent amendment to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Leading the debate on the motion, Hon. Chinda said the Cybercrime Act is implemented wrongly by the CBN.

The House, however, directed the CBN to withdraw the ambiguous circular and issue a new one that provides clarity.