In a recent development, the House of Representatives has accused the Central Bank of Nigeria (CBN) of misinterpreting the Cybercrime Act and has urged for the suspension of the policy in question.
This declaration came after a motion presented by Kingsley Chinda and 39 other members of the House on Thursday, highlighting the alleged misinterpretation by the CBN.
Chinda clarified that contrary to the CBN’s circular, the Act does not impose the burden of paying cybercrime levies on bank customers.
It’s worth noting that the House had recently amended the Cybercrime Act. However, the CBN’s subsequent circular to banks, mandating them to charge 0.5 per cent on certain transactions, has sparked public outcry due to its perceived imposition on Nigerians amidst prevailing economic challenges.
Chinda defended his motion, stating that GSM service providers, telecommunication companies, internet service providers, banks, financial institutions, insurance companies, and the Nigerian Stock Exchange should bear the levy.
In response to the motion, the House directed the CBN to withdraw the contentious circular and issue a clear directive consistent with the law’s provisions.
Additionally, the House Committees on Banking Regulations and Banking and other Ancillary Institutions were tasked with providing guidance to the CBN to ensure compliance with the Cybercrime Act.
