BREAKING: Reps order CBN to suspend cybersecurity levy immediately

The House of Representatives has ordered that the Central Bank of Nigeria (CBN) to immediately suspend the enforcement of the controversial cybersecurity levy.

The decision of the House was sequel to a motion raised by Minority Leader Kingsley Chinda on behalf of all members.

The cybersecurity levy was introduced by the apex bank on May 6, 2024, in accordance with the stipulations of the cybercrime Act.

The House expressed concern that the circular issued by the CBN could be misunderstood by Nigerians.

It noted that the directive does not align with the principles outlined in section 44(2a) of the cybercrime Act regarding the recipients responsible for paying the levy.

The House urged the CBN to promptly retract its previous circular regarding the levy’s enforcement and instead publish a new circular aligned with the Act’s provisions.

More to follow…

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