In a significant development, the House of Representatives has instructed the Central Bank of Nigeria (CBN) to rescind its directive for banks to impose a 0.5 percent cybersecurity levy on all electronic transactions nationwide, as reported by The Nation.
The motion to urgently suspend and amend the implementation of the cybersecurity levy was raised by Kingsley Chinda, the representative for the Obio/Akpor Constituency.
Following Chinda’s concerns regarding various interpretations of the CBN directive conflicting with the specifications outlined in the Cybersecurity Act, the House called upon the CBN to retract the circular and issue a clearer directive.
Further details will follow shortly…
