JUST IN: House of Representatives Urges CBN to Pause 0.5% Cybercrime Levy Implementation

The House of Representatives has called on the Central Bank of Nigeria (CBN) to halt the implementation of the proposed 0.5% cybersecurity levy on transactions. This directive follows a motion of urgent public importance presented by the Minority Leader of the House, Kingsley Chinda, on Thursday.

The CBN had earlier issued a circular on Monday, announcing the commencement of the levy’s implementation within two weeks of its announcement. This circular was addressed to all commercial, merchant, non-interest, and payment service banks, citing compliance with the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

During the debate on the motion, Mr. Chinda argued that the CBN’s interpretation and implementation of the Cybercrime Act were flawed. Consequently, the House has instructed the CBN to retract the ambiguous circular and issue a revised version that offers clarity on the matter.

Details shortly…..