The Nigerian House of Representatives Thursday asked the Central Bank of Nigeria 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 Nation reports.
“Kingsley Chinda, representing Obio/Akpor Constituency, moved a motion to urgently halt and modify the implementation of the cybersecurity levy.
About The Cybersecurity Levy
Jerrymusa.com roports that the Central Bank of Nigeria (CBN) circular, effective two weeks from May 6, 2024, mandates financial institutions to deduct and remit the levy at the point of electronic transfer origination, reflecting it in customers’ accounts as ‘Cybersecurity Levy’.
Chinda noted that the Cybercrimes Act specifies affected businesses, including GSM service providers, telecommunication companies, banks, and insurance companies, but the CBN circular’s wording leaves room for interpretation, potentially placing the burden on bank customers, contrary to the Act’s intent.
This has sparked apprehension among civil society organizations and citizens, who are calling for the Federal Government to reverse the ‘imposed levy on Nigerians’.
Chinda argued that unless immediate action is taken, the Cybercrime Act will be implemented incorrectly, exacerbating the current economic challenges faced by Nigerians, including subsidy removals and rising inflation.”