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Reps order CBN to suspend 0.5% Cybersecurity levy.



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The House of Representatives has directed the CBN to half the proposed implementation of the cybercrimes levy of 0.5% imposed on electronic transactions by bank customers.

Consequently, the House directed the CBN to withdraw the ambiguous circular in existence & issue an unequivocal circular in line with the letters & spirit of the Cybercrimes Act, 2024.

The Green Chamber also mandated its Committees on Banking Regulations & Banking & other Ancillary Institutions to guide the CBN properly. This followed the adoption of a motion of urgent public importance moved by the House Minority Leader, Hon. Kingsley Chinda & 359 others.