The House of Representatives instructed the Central Bank of Nigeria (CBN) to pause the planned introduction of a 0.5% cybercrime levy on electronic transactions.
Consequently, the House urged the CBN to retract the unclear circular currently in effect and issue a clear directive in accordance with the Cybercrimes (Amendment) Act, 2024. Additionally, the House assigned its Committees on Banking Regulations, and Banking and other Ancillary Institutions to provide proper guidance to the CBN.
This decision came after the adoption of a motion of urgent public importance initiated by the House Minority Leader, Kingsley Chinda, and supported by 359 others. Chinda pointed out that the CBN’s circular, dated 6th May 2024, informed the public about the proposed levy in alignment with Section 44(2)(a) of the Cybercrimes (Amendment) Act, 2024.
However, he highlighted concerns regarding the circular’s interpretation, suggesting that it could imply the levy being borne by bank customers, contrary to the intended businesses listed in the Cybercrimes Act. Chinda emphasized the need for immediate action to prevent the erroneous implementation of the Cybercrime Act, especially considering the economic challenges faced by Nigerians.
