• Directs CBN to withdraw circular on grounds of ambiguity
The House of Representatives, on Thursday, directed the Central Bank of Nigeria (CBN) to stop the implementation of the 0.5 per cent cybersecurity levy on transactions.
The lawmakers’ resolution was sequel to a motion of urgent public importance moved by the Minority Leader of the House, Hon Kingsley Chinda.
Leading the debate on the motion, Chinda said the Cybercrime Act is implemented wrongly by the CBN.
The House further directed the CBN to withdraw the ambiguous circular and issue a new one that provides clarity.
It is important to note that the CBN had in a circular made available 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.
The apex bank also disclosed that the directive is in line with the recent amendment to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
Details shortly.
