Reps orders CBN to halt Cybersecurity Levy

According to The Nation, the House of Representatives requested on Thursday that the Central Bank of Nigeria revoke the circular ordering all banks to start imposing a 0.5% cybersecurity fee on all electronic transactions made within the nation.

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, 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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