Reps order CBN to suspend 0.5% Cybersecurity levy

The House of Representatives has directed the CBN to half the proposed implementation of the cybercrimes levy of 0.5% imposed on electronic transactions by bank customers.

Consequently, the House directed the CBN to withdraw the ambiguous circular in existence & issue an unequivocal circular in line with the letters & spirit of the Cybercrimes Act, 2024.

The Green Chamber also mandated its Committees on Banking Regulations, Banking and other Ancillary Institutions to guide the CBN properly.

This followed the adoption of a motion of urgent public importance amoved by the House Minority Leader, Hon. Kingsley Chinda and 359 others.