‘It’s ambiguous’ — reps ask CBN to withdraw directive on cybersecurity levy

The house of representatives has asked the Central Bank of Nigeria to withdraw a circular directing financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.

On May 6, the CBN directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers. While moving the motion, Chinda said the directive leaves Nigerians confused about whether they or the banks are to pay the levy. “The wordings of the CBN circular leaves the CBN directive to multiple interpretations including that the levy be paid by bank customers, that is, Nigerians against the letters and spirit of section 44 and the second schedule to the Cybercrimes Act, which specifies the businesses that should be levied accordingly.

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