Members of the House of Representatives have asked the Central Bank of Nigeria (CBN) to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy

The call for action came during a session in response to a motion presented by Honourable Kingsley Chinda, urging urgent measures to halt and modify the implementation of the cybersecurity levy. 

The motion highlighted discrepancies between the CBN directive and the specifications outlined in the Cybersecurity Act, prompting lawmakers to seek clarity and rectification.

Members of the House emphasized the importance of a clear and concise directive from the CBN, urging the apex bank to withdraw the initial circular and issue a more understandable one. 

Honourable Chinda underscored the need to address the varied interpretations of the CBN directive, which risked conflicting with the provisions of the Cybersecurity Act.

Expressing apprehension over potential errors in the implementation of the Act, the House voiced its collective worry that without immediate action to resolve the discrepancies, the effectiveness of the cybersecurity framework could be compromised.