News
Reps Order CBN To Suspend Cybersecurity Levy
The House of Representatives has told the Central Bank of Nigeria (CBN) to stop its plan to implement a 0.5% tax on electronic transactions by bank customers.
The House asked the CBN to withdraw its unclear circular on this tax and issue a clearer one that aligns with the Cybercrimes (Amendment) Act, 2024.
This instruction followed a motion by the House Minority Leader, Hon. Kingsley Chinda (PDP Rivers), and 359 others.
The House noted that the CBN’s circular dated May 6, 2024, caused confusion, suggesting that bank customers, not just certain businesses, would have to pay the tax. The ambiguity led to public backlash and demands for a reversal of the tax.
The House also assigned its Committees on Banking Regulations and Banking and Other Ancillary Institutions to ensure the CBN complies with the Cybercrimes Act, focusing on avoiding misinterpretations and addressing public concern during a time of rising costs and subsidy removals.
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