‘Withdraw Ambiguous Circular’, Reps To CBN On Cybersecurity Levy

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Thursday, May 9th, 2024

(AFRICAN EXAMINER) – Members of the House of Representatives on Thursday asked the Central Bank of Nigeria (CBN) to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”.

Members of the House of Representatives on Thursday asked the Central Bank of Nigeria (CBN) to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”.

The CBN on the 6th of May, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers, to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024 (“the Act”).

According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions, will be collected and remitted to the National Cybersecurity Fund (NCF), overseen by the Office of the National Security Adviser.