CBN Misinterpreted Law on Cybercrime Levy, Say Representatives

The House of Representatives, led by Kingsley Chinda and 39 others, criticized the Central Bank of Nigeria for misinterpreting the Cybercrime Act, asserting that the Act does not place the cybercrime levy burden on bank customers as claimed by the CBN.

Despite recent amendments to the Act, the CBN’s directive to banks to charge 0.5 percent on certain transactions has sparked public outrage due to the economic challenges faced by Nigerians.

Read Also: Reps Launch Inquiry into Lagos-Calabar Coastal Highway Procurement

Chinda clarified that the levy should be paid by GSM service providers, telecommunication companies, internet service providers, banks, financial institutions, insurance companies, and the Nigerian Stock Exchange.

The House called for the withdrawal of the controversial circular and urged the CBN to issue a clear directive that aligns with the law.

Additionally, the House Committees on Banking Regulations and Banking were tasked with providing proper guidance to the CBN.