The House of Representatives has criticized the Central Bank of Nigeria (CBN) for misinterpreting the Cybercrime Act and has called for the suspension of the policy.<\/p>\n
<\/p>\n
During a session led by Kingsley Chinda and 39 others on Thursday, the House declared that the CBN’s interpretation of the Act was erroneous.<\/p>\n
<\/p>\n
Chinda emphasized that, contrary to the CBN’s circular, the Act did not impose the burden of paying the cybercrime levy on bank customers.<\/p>\n
<\/p>\n
While the House recently amended the Cybercrime Act, the CBN issued a circular to banks mandating a 0.5 percent charge on certain transactions in an effort to implement the policy.<\/p>\n
<\/p>\n
However, the CBN’s directive has sparked public outcry, with many deeming it an unnecessary burden on Nigerians amid the current economic challenges.<\/p>\n
<\/p>\n
In defense of his motion to withdraw the circular, Chinda clarified that GSM service providers, telecommunication companies, internet service providers, banks and financial institutions, insurance companies, and the Nigerian Stock Exchange were the entities intended to pay the levy.<\/p>\n
<\/p>\n
Consequently, the House directed the CBN to retract the ambiguous circular and issue a clear directive in line with the provisions of the law.<\/p>\n
<\/p>\n
Furthermore, the House Committees on Banking Regulations and Banking and other Ancillary Institutions were tasked with ensuring proper guidance for the CBN in this matter.<\/p>\n","protected":false},"excerpt":{"rendered":"
The House of Representatives has criticized the Central Bank of Nigeria (CBN) for misinterpreting the Cybercrime Act and has called for the suspension of the policy. During a session led by Kingsley Chinda and 39 others on Thursday, the House declared that the CBN’s interpretation of the Act was erroneous. Chinda emphasized that, […]<\/p>\n","protected":false},"author":14,"featured_media":30775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-30774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/30774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=30774"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/30774\/revisions"}],"predecessor-version":[{"id":30776,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/30774\/revisions\/30776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/30775"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=30774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=30774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=30774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}