Home Business Banking & Finance Reps direct CBN to suspend cybersecurity levy

Reps direct CBN to suspend cybersecurity levy

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The House of Representatives, on Thursday, asked the Central Bank of Nigeria (CBN) to withdraw the circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country,

The motion on the urgent need to halt and modify the implementation of the cybersecurity levy was moved by the member representing the Obio/Akpor Constituency, Hon. Kingsley Chinda.

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.

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