In a recent development, the House of Representatives has called on the Central Bank of Nigeria (CBN) to retract its directive mandating banks to impose a 0.5 percent cybersecurity levy on all electronic transactions nationwide, as reported by The Nation.

The call to halt and revise the implementation of the cybersecurity levy was initiated by Kingsley Chinda, the representative for the Obio/Akpor Constituency.

The House has requested the CBN to rescind the circular and issue a clearer directive, highlighting concerns raised by Chinda regarding conflicting interpretations of the CBN’s directive in comparison to the provisions outlined in the Cybersecurity Act.

Further details will be provided as the situation unfolds.