In a recent development, the House of Representatives has criticized the Central Bank of Nigeria for incorrectly interpreting the Cybercrime Act, leading to a call for the suspension of the controversial policy.
A motion presented by Kingsley Chinda along with 39 others in the House highlighted the alleged misinterpretation of the Act by the CBN.
According to Chinda, the Act does not impose the responsibility of the cybercrime levy payment on bank customers, contrary to what was stated in the CBN’s circular.
There has been significant public backlash against the CBN’s directive, which required banks to levy a 0.5 percent charge on certain transactions in adherence to the policy.
Many have criticized the policy, considering it an additional financial burden on Nigerians amidst the prevailing economic challenges.
Chinda emphasized that the entities mandated to pay the levy under the Act include GSM service providers, telecommunication companies, internet service providers, banks, financial institutions, insurance companies, and the Nigerian Stock Exchange.
In response to the motion, the House has instructed the Central Bank of Nigeria to retract the controversial 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 have been tasked with providing appropriate guidance to the CBN.