Reps ask CBN to suspend implementation of 0.5% cybercrime levy

The House of Representatives, during Thursday’s plenary session, has directed the Central Bank of Nigeria (CBN) to halt the implementation of the 0.5 percent cybersecurity levy on transactions.

The resolution was a sequel to a motion of urgent public importance moved by the Minority Leader of the House, Mr. Kingsley Chinda.

The Office of the National Security Adviser (NSA) will administer the levy, according to the apex bank.

According to the circular, the deduction and collection of the cyber security levy are a sequel to the enactment of the 2024 Cybercrime (prohibition, prevention, etc.) Amendment Act of 2024, which provides for a 0.5% deduction of the value of all electronic transactions to the National Cyber Security Fund.