The House of Representatives has ordered the Central Bank of Nigeria (CBN) to halt the implementation of the Cyber Security Levy to all banks and financial services.
The CBN on the 6th of May, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers, to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024 (“the Act”).
The new development followed the adoption of a motion of urgent public importance moved by Minority Leader, Kingsley Chinda.
Chinda said section 44 (2a) of the Cybercrime Act listed those to pay the stipulated fees as – the Global System for Mobile Communications (GSM) and telecommunications companies, Internet providers, banks and other financial institutions, insurance companies and stock exchange.
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The lawmaker explained that the circular from the CBN has raised apprehension across Nigeria, stressing that it has given the impression that the levy is to be paid by Nigerians in an era when they are still battling with an increase in the price of petroleum products, among others.
The House subsequently asked the apex bank to withdraw its earlier circular on implementing the levy immediately and “issue a more understandable one” in line with the provisions of the Act.
