Cybercrime Levy: You interpreted law wrongly — Reps to CBN

The House of Representatives has accused the Central Bank of Nigeria of misinterpreting the Cybercrime Act and called for the suspension of the policy.

The House, following a motion by Kingsley Chinda and 39 others, on Thursday, declared that the CBN goofed in the interpretation of the Act.

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

Recall that the House recently amended the Cybercrime Act but the CBN in a circular to banks mandated them to charge 0.5 percent on some transactions in efforts to implement the policy.

However, the CBN policy has generated public outcry, with many describing it as an unnecessary burden on Nigerians considering the current economic hardship.

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Defending his motion for the withdrawal of the circular, Chinda said that GSM service providers, all telecommunication companies, internet service providers; banks and other financial institutions, insurance companies and the Nigerian Stock Exchange are the companies meant to pay the levy.

Following the motion, the House directed the Central Bank of Nigeria to withdraw the ambiguous circular and issue an unequivocal circular in line with the letters and spirit of the Law.

It also directed the House Committees on Banking Regulations and Banking and other Ancillary Institutions to guide the Central Bank of Nigeria properly.