Breaking News: CBN Ordered To Immediately Suspend Enforcement Of Cuber-Security Levy

Hon. Tajudeen Abbass
Speaker of the House of Representatives

The House of Representatives has ordered the Central Bank of Nigeria (CBN) to immediately suspend the enforcement of the controversial cybersecurity levy.

The House took this decision following a motion raised by Minority Leader Kingsley Chinda on behalf of all members.

The House had expressed concern that the circular issued by the CBN could be misunderstood by Nigerians, it however, noted that the directive does not align with the principles outlined in section 44(2a) of the cybercrime Act regarding the recipients responsible for paying the levy.

The House urged the CBN to promptly retract its previous circular regarding the levy’s enforcement and instead publish a new circular aligned with the Act’s provisions.

The cybersecurity levy was introduced by CBN through a circular to all banks on May 6, 2024, in accordance with the stipulations of the cybercrime Act.

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