The legislative arm gave the directive after a motion moved by Honourable Kingsley Chinda on Thursday which called for an immediate halt and modification of the policy.
The House of Representatives has directed the Central Bank of Nigeria (CBN) to withdraw the circular which announced the implementation of the controversial 0.5 per cent cybersecurity levy.
The legislative arm gave the directive after a motion moved by Honourable Kingsley Chinda on Thursday which called for an immediate halt and modification of the policy.
The House described the circular as ambiguous and directed the apex bank to “issue a more understandable one”.
The House then expressed concern that the Act would be implemented incorrectly if quick steps were not made to address the issues surrounding the interpretation of the CBN directive and the Cybersecurity Act.
On May 6, 2024, the CBN issued a circular forcing all banks, mobile money operators, and payment service providers to impose a new cybersecurity tax in accordance with the terms outlined in the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024 (“the Act”).
According to the Act, a levy of 0.5% of the total value of all electronic transactions would be collected and sent to the National Cybersecurity Fund (NCF), which is managed by the Office of the National Security Adviser.
SaharaReporters earlier reported that a prominent socio-cultural organisation representing the interests of Northern Nigeria, Northern Elders Forum (NEF), described the policy as arbitrary, illegal, and out of touch with the realities faced by Nigerians.
NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, in a statement on Thursday, expressed the organisation’s dissatisfaction with the policy, citing the escalating costs associated with banking transactions as a result of multiple charges.