The House of Representatives on Thursday said the 0.5 per cent cybersecurity levy is ambiguous and has directed the Central Bank of Nigeria (CBN) to withdraw the circular directing financial institutions to commence implementation.
This was in response to a motion on the urgent need to halt and modify the implementation of the cybersecurity levy, moved by honourable Kingsley Chinda.
According to the Green House, the CBN is to withdraw the initial circular, and “issue a more understandable one”.
Speaking at the Plenary session honourable Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.
The House then expressed worry, that the Act would be implemented in error if immediate steps were not taken, to address the concerns around the interpretation of the CBN directive and the Cybersecurity Act.
