House of Representatives Calls for Suspension of CBN Cybercrime Policy

The House of Representatives has accused the Central Bank of Nigeria (CBN) of misinterpreting the Cybercrime Act and has called for the suspension of the policy based on this misinterpretation.

The House made this declaration following a motion by Kingsley Chinda and 39 others on Thursday.

Chinda stated that contrary to the circular issued by the CBN, the Act did not place the burden of paying the cybercrime levy on bank customers.

The CBN had issued a circular to banks mandating them to charge 0.5 percent on certain transactions in an effort to implement the policy.

However, this move by the CBN has faced public outcry, with many criticizing it as an unnecessary burden on Nigerians, especially considering the current economic hardship.

Chinda defended his motion for the withdrawal of the circular by explaining that GSM service providers, all telecommunication companies, internet service providers, banks, other financial institutions, insurance companies, and the Nigerian Stock Exchange are the entities meant to pay the levy, not bank customers.

In response to the motion, the House directed the CBN to withdraw the ambiguous circular and issue a clear directive that aligns with the Cybercrime Act.

Additionally, the House Committees on Banking Regulations and Banking and other Ancillary Institutions were tasked with guiding the CBN appropriately in this matter.