Amid mounting public concern, the House of Representatives intervenes, halting the implementation of the controversial cybersecurity levy imposed by the Central Bank of Nigeria (CBN). The move follows public outcry and concerns over the levy's interpretation and impact on Nigerians.
In response to mounting public concern, the House of Representatives took decisive action to address the contentious issue of the cybersecurity levy proposed by the Central Bank of Nigeria (CBN).
The motion, brought forward by the Minority Leader, Hon. Kingsley Chinda, highlighted the potential misinterpretation of the CBN's circular and its implications for Nigerian businesses and citizens. Concerns were raised regarding the ambiguity of the directive, particularly regarding its potential impact on bank customers.
The House emphasized the need for clarity and adherence to the Cybercrimes Act, urging the CBN to withdraw the circular and issue a revised directive. This move aims to alleviate apprehension among Civil Society Organizations and citizens, who have expressed discontent with the proposed levy amidst ongoing economic challenges, including subsidy removals and rising inflation.
Additionally, the House assigned the joint House Committees on Banking Regulations and Banking and other Ancillary Institutions to guide the CBN, ensuring that any future directives align with legislative intent and safeguard the interests of all stakeholders.
