Reps accuse CBN for misinterpreting the cybercrime levy

05/09/2024

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

Written by: bossgmsi

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