BREAKING: Reps Direct CBN To Suspend Cyber Security Levy

The House of Representatives has requested that the Central Bank of Nigeria withdraw a circular that mandates all banks to charge a 0.5% Cyber Security levy on all electronic transactions in the country.

The circular has been met with controversy, with some lawmakers calling for its modification or cancellation.

The motion to halt and modify the implementation of the Cyber Security levy was raised by Kingsley Chinda, the member representing Obio/Akpor Constituency.

He highlighted the multiple interpretations of the CBN directive against the specifications in the Cyber Security Act and urged the CBN to withdraw the circular and issue a clearer one.

SOURCE: iwitnesslive.com