The House of Representatives has recently taken action regarding the Central Bank of Nigeria's recent circular, which directed all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country.
The motion was moved by Kingsley Chinda, the representative of the Obio/Akpor Constituency, who raised concerns about the implementation of the cybersecurity levy and urged the House to halt and modify its implementation.
The House has called on the Central Bank of Nigeria to withdraw the circular and "issue a more understandable one." This comes after Chinda raised concerns about the multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.
The move is significant as it shows that lawmakers are taking cybersecurity seriously and are willing to protect their constituents from unnecessary financial burdens. The House's decision will provide relief to Nigerians who have been struggling with the economic impact of the COVID-19 pandemic.
The House of Representatives is expected to provide more details on the matter in the coming days, and we'll keep you updated on any further developments.
Emmanuel Terhemen
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