Modupe Gbadeyanka
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has been directed to suspend the implementation of the controversial 0.5 per cent cybersecurity levy.
This directive was given by the House of Representatives at the plenary on Thursday in the green chamber of the National Assembly.
The matter came up at the session on Wednesday but was stepped down.
At the resumption of parliamentary activities today, the lower legislative chamber of the National Assembly ordered the central bank to suspend the levy.
According to the House of Reps, the CBN must withdraw the circular and issue a more understandable one, as the circular announcing the new fee was creating confusion.
The apex bank had said from May 20, 2024, customers would be charged 0.5 per cent cybersecurity level on all electronic transfers as stipulated in the 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act.
In the law, the 0.5 per cent was to be charged on the service charge by the bank, but the latest circular from the central bank did not expressly state this, as it was interpreted to mean the 0.5 per cent would be from the value of the fund transfer to be paid by the originator of the transaction.
Yesterday, the lawmaker representing the Obio/Akpor Constituency of Rivers State, Mr Kingsley Chinda, moved a motion on the urgent need to halt and modify the implementation of the cybersecurity levy but was stepped down.
