House of Representatives Halt 0.5% Cyber Security Levy

The lower chamber of the Nigerian National Assembly known as the Federal House of Representatives constituting three hundred and sixty members has halted the cybersecurity levy policy from CBN

In the beginning of the second week of the month of May 2024, viral news of the compulsory cyber security levy policy from Central Bank of Nigeria (CBN) dominated spaces in all social media platforms that Nigerians use.

According to the policy, banks will charge 0.5% cyber security levy in every transactions that are not exempted from the cyber security levy. The policy recorded wider criticism including from opposition parties in the country who said that the current government kept making policies that pushes many Nigerians into poverty zone.

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Every House of Representatives member represents a federal constituency and listens to the plights and worries of their constituents perhaps it prompted the house to make a quick reply in halting the 0.5% cyber security levy.

In another news, Central Bank of Nigeria (CBN) has suspended the policy that mandated banks to charge processing fees for certain transactions till 30th September 2024. It is not clear if the apex bank wishes to continue with the policy but time will reveal.

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