The House of Representatives has issued a directive to the Central Bank of Nigeria (CBN), instructing the suspension of the proposed implementation of a 0.5% cybercrimes levy on electronic transactions conducted by bank customers.
Consequently, the House mandated the CBN to retract the existing ambiguous circular and issue a clear directive in alignment with the provisions outlined in the Cybercrimes (Amendment) Act, 2024.
Furthermore, the legislative body assigned its Committees on Banking Regulations, and Banking and other Ancillary Institutions to provide proper guidance to the CBN in this matter.
The decision follows the adoption of a motion of urgent public importance initiated by the House Minority Leader, Hon. Kingsley Chinda (PDP Rivers), alongside 359 other members.
In presenting the motion, Chinda highlighted the CBN’s circular dated May 6, 2024, which notified Nigerians of the proposed 0.5% levy on electronic transactions, citing Section 44(2)(a) of the Cybercrimes (Amendment) Act, 2024.
He underscored concerns regarding the ambiguous language of the circular, which could be interpreted to imply that the levy should be borne by bank customers, contradicting the provisions of the Cybercrimes Act.
Chinda emphasized the need for immediate action to avert the erroneous implementation of the Cybercrimes Act, especially amidst the economic strain faced by Nigerians due to recent subsidy removals and escalating inflation.
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