The House of Representatives has directed the Central Bank of Nigeria (CBN) to withdraw the circular directing banks in the country, to start charging a 0.5% cybersecurity levy on all electronic transactions within the country.

The motion was moved by the member representing the Obio/Akpor Constituency, Kingsley Chinda.

The House urged the CBN to withdraw the circular and “issue a more understandable one,” as Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.