House of Representatives urges CBN to clarify directive on cybersecurity levy implementation

In a session held on Thursday, May 9, 2024, the House of Representatives called on the Central Bank of Nigeria (CBN) to retract the circular instructing financial institutions to initiate the 0.5 per cent cybersecurity levy, citing its ambiguity.

The decision came following a motion presented by Honourable Kingsley Chinda, highlighting the pressing need to pause and revise the implementation of the cybersecurity levy.

The House emphasized the necessity for the CBN to rescind the initial circular and issue a clearer directive, addressing the concerns raised by Honourable Chinda regarding conflicting interpretations of the CBN's directive in comparison to the Cybersecurity Act. 

Expressing apprehension that the Act might be misapplied without prompt action to resolve the discrepancies between the CBN directive and the Cybersecurity Act, the House urged for immediate steps to be taken.

On May 6, 2024, the CBN issued a circular mandating banks, mobile money operators, and payment service providers to enforce a new cybersecurity levy in accordance with the provisions outlined in the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024.

As per the Act, a levy equivalent to 0.5 per cent of the value of all electronic transactions is to be collected and remitted to the National Cybersecurity Fund (NCF), under the supervision of the Office of the National Security Adviser.
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