Reps Order CBN To Suspend Cybersecurity Levy

The House of Representatives has directed the Central Bank of Nigeria (CBN) to withdraw the circular directing banks in the country, to start charging a 0.5% cybersecurity levy on all electronic transactions within the country.

The motion was moved by the member representing the Obio/Akpor Constituency, Kingsley Chinda.

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The House urged the CBN to withdraw the circular and “issue a more understandable one,” as Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.

Details later…