BREAKING: Reps issue strong order to CBN over cybersecurity levy

The House of Representatives has directed the Central Bank of Nigeria (CBN) to immediately suspend the controversial cybersecurity levy.

The House’s decision followed a resolution proposed by Minority Leader Kingsley Chinda on behalf of all members.

The apex bank established the cybersecurity levy on May 6, 2024, in compliance with the provisions of the Cybercrime Act.

The House expressed concern that the circular issued by the CBN could be misunderstood by Nigerians.

It noted that the directive does not align with the principles outlined in section 44(2a) of the cybercrime Act regarding the recipients responsible for paying the levy.

The House urged the CBN to promptly retract its previous circular regarding the levy’s enforcement and instead publish a new circular aligned with the Act’s provisions.