The House of Representatives has ordered the Central Bank of Nigeria, CBN, to suspend the cybersecurity levy it imposed on electronic transactions across the country.
CBN had via a circular directed banks to start charging 0.5 per cent cybersecurity levy on all electronic transactions from two weeks after Monday, May 6, 2024.
The directive outraged the public and made government to come under fire.
On Thursday during a plenary at the Green Chamber in a motion moved by member representing the Obio/Akpor Constituency, Kingsley Chinda, the House ordered the CBN to stop the step.
In the presentation made against the levy Chinda said, “The Cybercrime Act shall be implemented in error at a time when Nigerians are experiencing the aftermath of multiple removal of subsidies from petroleum, electricity and so on and the rising inflation.”
