Nigerian House of Representatives Urges CBN to Halt Cybercrime Levy Implementation


The House of Representatives, on May 9, instructed the Central Bank of Nigeria (CBN) to immediately suspend the enforcement of the cybercrime levy introduced by the bank. The decision comes in response to concerns that the CBN’s circular contradicts the cybercrime Act.

Thank you for reading this post, don't forget to subscribe!

Minority Leader Kingsley Chinda (PDP, Rivers) presented a motion on behalf of the members, urging the CBN to retract its previous circular on the levy and issue a new one in accordance with the Act’s provisions. Chinda highlighted section 44(2a) of the cybercrime Act, which specifies entities such as GSM and telecom companies, internet providers, banks, financial institutions, insurance companies, and stock exchanges as the levy payers.

Chinda emphasized that the CBN’s circular has caused confusion among Nigerians, suggesting that the levy applies to individuals amidst economic challenges like rising fuel prices. The circular’s ambiguity has led to various interpretations, contributing to nationwide apprehension.

The House’s directive aims to ensure clarity and adherence to the cybercrime Act’s stipulations regarding the levy. Further details are expected to emerge soon.

Discover more from Naija247news

Subscribe to get the latest posts to your email.

Share post:



More like this

Bank of Industry Grows Profit by 118% to N153 Billion

May 23, 2024. Azonuchechi Chukwu. The Bank of Industry (BOI) said...

International Breweries Opens Rights Issue, Seeks To Raise N588 Billion

May 23, 2024. Azonuchechi Chukwu. International Breweries opened its N588 billion...

NIBSS: Deployed PoS terminals across Nigeria hit 2.7 million in March 2024

May 23, 2024. Azonuchechi Chukwu. The number of Point of Sales...

Naira Depreciates To N1,495/$ In Black Market

May 23, 2024. Azonuchechi Chukwu. Nigerian Naira on Wednesday, depreciated in...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading