In a decisive move, the House of Representatives has issued a directive to the Central Bank of Nigeria (CBN), calling for the immediate cessation of the enforcement of the cybercrime levy recently introduced by the apex bank, in compliance with the provisions of the Cybercrime Act.
On Monday, the Central Bank of Nigeria (CBN) circulated a directive to numerous financial institutions, encompassing commercial, merchant, non-interest, and payment service banks, stipulating that the levy would be implemented two weeks after May 6th.
“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.”
“Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month,” the directive read in part.
The rollout of the 0.5 percent cybersecurity levy on all banking transactions has ignited widespread dissatisfaction among Nigerians, with many expressing that its timing is particularly inopportune.
Reacting to the widespread outrage, the house on Thursday adopting a motion of urgent public importance moved by Minority Leader, Kingsley Chinda (PDP, Rivers) on behalf of the entire members, the House asked the Central Bank to immediately withdraw it’s earlier circular on the implementation of the levy and issue another circular in love with the provisions of the Act.
Chinda said section 44(2a) of the cybercrime act listed those to pay the stipulated fees as GSM abd telecom companies, Internet providers, Banks and other financial institutions, insurance companies and Stocks Exchange.
He explained that the circular from the CBN has raised apprehension across the country as it has given the impression that the levy is to be paid by Nigerians in an era when they are still battling with increase in price of petroleum product among others.
He said further that the CBN circular has been subjected to several interpretation.
