House of Representatives Halts Implementation of Cybersecurity Levy - Watchtower media

House of Representatives Halts Implementation of Cybersecurity Levy
In a significant move, the House of Representatives has taken action regarding the controversial 0.5 per cent cybersecurity levy on transactions proposed by the Central Bank of Nigeria. Following a motion of urgent public importance brought forward by Minority Leader Kingsley Chinda, the House directed the CBN to halt the implementation of the levy.

The circular released by the CBN had stated that the levy would come into effect two weeks after its announcement, affecting various banks including commercial, merchant, non-interest, and payment service banks. The CBN justified its directive citing the recent amendment to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
During the debate on the motion, Mr. Chinda expressed concerns that the Cybercrime Act was being wrongly implemented by the CBN, leading to confusion and ambiguity.
In response to these concerns, the House has instructed the CBN to withdraw the contentious circular and issue a revised version that offers greater clarity on the matter.

For further updates on these developing stories, keep an eye on Lagos Reporters.

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