By Enyichukwu Enemanna
Nigeria’s House of Representatives Thursday asked the Central Bank of Nigeria to withdraw the circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country.
Many Nigerians had condemned the introduction of a new levy on electronic banking transactions, with some saying it will push them back to using cash.
The motion on the urgent need to halt and modify the implementation of the cybersecurity levy was moved by the member representing the Obio/Akpor Constituency, Kingsley Chinda.
The House urged the CBN to withdraw the circular and “issue a more understandable one,” as Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.
The Central Bank of Nigeria (CBN) has told financial institutions the 0.5% levy intended to raise money to enhance cybersecurity will take effect in two weeks’ time.
Nigeria is experiencing severe economic crisis in a generation and many people say the levy will cause further hardship as they struggle to afford basic items.
Adopting a motion of urgent public importance the House asked the Central Bank to immediately withdraw it’s earlier circular on the implementation of the levy and issue another circular in love with the provisions of the Act.
Chinda said section 44(2a) of the cybercrime act listed those to pay the stipulated fees as GSM abd telecom companies, Internet providers, Banks and other financial institutions, insurance companies and Stocks Exchange.
He explained that the circular from the CBN has raised apprehension across the country as it has given the impression that the levy is to be paid by Nigerians in an era when they are still battling with increase in price of petroleum product among others.
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