The House of Representatives (Reps) today has ordered the CBN, to cease the implementation of the cybercrime levy.
This followed the passage of a motion of urgent public interest proposed by Minority Leader Kingsley Chinda of the PDP Rivers.
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According to Chinda, section 44 (2a) of the Cybercrime Act specifies who must pay the fees.
He said GSM and telecom firms, Internet providers, banks and other financial organisations, insurance companies, and stock exchanges are those specified by the Act
The senator said that the CBN circular has caused concern throughout Nigeria.
He emphasised that it gives the idea that the fee is to be paid by Nigerians.
The Minority Leader also added that this is not the time to implement such policy, when Nigerians are grappling with rising fuel prices, among other issues.
The House then requested that the apex bank retract its previous circular on administering the charge immediately.
The House also added the CBN publish a new circular under the requirements of the Act.
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Recall that CBN on Monday announced the imposition of 0.5 per cent levy on the value of all electronic transactions.
This was done as part of measures to combat the growing danger of cybercrime in the financial system.
The implementation followed the passing of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 and under Section 44 (2)(a) of the Act, which allowed for the rate deduction.
The development was communicated in a circular dated May 6.
However, the Circular was addressed to all commercial, merchant, non-interest, and payment service banks; other financial institutions, Mobile Money Operators, and Payment Service Providers
It was jointly signed by the CBN Director, Payments System Management Department and the Director, Financial Policy and Regulation Department.
cc: Daily Post Ng
