BREAKING!!! Reps Orders CBN To Suspend Cybersecurity Levy

The federal house of representatives has directed the Central Bank of Nigeria, CBN, to suspend the proposed 0.5% Cybersecurity levy imposed on electronic transactions by bank customers.

Following this, the House has directed the CBN to take down the circular going round and issue an unequivocal circular in line with the letters and spirit of Cybercrimes Amendment Act 2024.

The House further mandated its committees on Banking Regulations and other Ancillary institutions to guide the CBN properly after the adoption of a motion on public importance moved by House minority leader, Hon, Kingsley Chinda(PDP Rivers) and 359 others.

He noted that section 44(2)(a) of the Cybercrimes (Prohibition, Prevention etc.) Amendment Act 2024, provides that “a levy of 0.5% (0.005) equivalent to half percent of all electronic transaction value by business specified in the second schedule of the Act” be paid into Cybersecurity fund. Further note that business which the said section 44(2)(a) refers to are listed in the second schedule of the Cybercrimes Act to be :a) GSM service providers and all telecommunications companies:b) internet service providers:c) Banks and other financial institutions:d) insurance companies and e) Nigerian stock exchange.

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