Specifically, they called for a complete reversal of the policy, which they described as insensitive.

The cybersecurity levy, meant to be imposed on online banking transactions, had earlier been rejected by many Nigerians.

On May 6, the CBN communicated a new policy requiring financial institutions to introduce the cybersecurity levy.

The CBN said the levy pegged at 0.5 per cent of all electronic transaction values is a provision of the recently passed 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act.

The purpose of this levy, according to the bank, is to bolster the nation’s cybersecurity initiatives, which are overseen by the Office of the National Security Adviser.

Through a circular addressed to banks, the CBN mandated financial institutions to commence the imposition of the cybersecurity levy.

The circular, endorsed by the CBN’s Director of Payments Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation, Haruna Mustafa, clarified that the new surcharge collection was in response to the enactment of the 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act.

However, prominent Nigerian groups including the Reps and NEF urged the apex bank to withdraw the “ambiguous” circular in existence and issue an unequivocal circular in line with the letters and spirit of the Cybercrimes (Amendment) Act, 2024.

The House also directed its committees on Banking Regulations, and Banking and Other Ancillary Institutions to guide the CBN properly.

The resolution followed the adoption of a motion of urgent public importance moved by the House Minority Leader, Kingsley Chinda and 359 others.

Moving the motion, Chinda who represents the Obio/Akpor Federal Constituency, Rivers State, noted that the CBN through a circular to all commercial, merchant, non-interest and payment service banks; other financial institutions, mobile money operators and payment service providers (“CBN Circular”) dated May 6, 2024, informed Nigerians of a proposed 0.5 per cent levy on electronic transactions in line with Section 44(2) (a) of the Cybercrimes  (Amendment) Act, 2024.

He maintained that Section 44(2)(a) of the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act, 2024 provides that “A levy of 0.5 per cent (0.005) equivalent to half per cent of all electronic transactions value by businesses specified in the Second Schedule to the Act” be paid into the Cybersecurity Fund.”

He explained, “The House notes that businesses which the said Section 44(2)(a) refers to are listed in the Second Schedule to the Cybercrimes Act to be GSM Service Providers and all telecommunication companies; Internet Service Providers; Banks and Other Financial Institutions; Insurance Companies and the Nigerian Stock Exchange.

The CBN circular mandates all banks, other financial institutions and payments service providers to implement the Cybercrimes Act by applying the levy at the point of electronic transfer origination as ‘cybersecurity Levy’ and remitting same.

“The wordings of the CBN circular leaves the directive to multiple interpretations including that the levy be paid by bank customers, that is, Nigerians against the letters and spirit of Section 44(2)(a) and the Second Schedule to the Cybercrimes Act, which specifies the businesses that should be levied accordingly.”

The development according to the lawmaker, “has led to apprehension as civil society organisations and citizens have taken to conventional and social media to call out the Federal Government, give ultimatums for a reversal of the imposed levy on Nigerians among other things.

He argued that unless immediate pragmatic steps were taken to stop the proposed action of the CBN, “The Cybercrime Act shall be implemented in error at a time when Nigerians are experiencing the aftermath of multiple removal of subsidies from petroleum, electricity and so on and the rising inflation.”

In response to a motion of urgent public importance moved by the House Minority Leader, Kingsley Chinda (PDP Rivers), and 359 others, the House directed the CBN to withdraw the ambiguous circular and issue a clear directive in line with the Cybercrimes (Amendment) Act, 2024.

The Green Chamber also mandated its Committees on Banking Regulations, and Banking and other Ancillary Institutions to provide proper guidance to the CBN.

Chinda, in moving the motion, highlighted that the CBN’s circular dated 6th May 2024 informed Nigerians of a proposed 0.5% levy on electronic transactions in accordance with Section 44(2)(a) of the Cybercrimes (Amendment) Act, 2024.

He emphasized that the wording of the CBN circular allows for multiple interpretations, including the possibility of the levy being paid by bank customers, contrary to the provisions of the Cybercrimes Act.

Chinda expressed concern over the apprehension generated by this move, with Civil Society Organisations and citizens calling for a reversal of the “imposed levy on Nigerians” among other things.

He argued that unless immediate steps are taken to suspend the proposed action of the CBN, the Cybercrime Act risks being implemented erroneously, exacerbating the economic challenges faced by Nigerians.

As a result, the House of Representatives has directed the CBN to suspend the implementation of the cybercrime levy and to issue a clear, unambiguous directive in line with the Cybercrimes Act.

In a circular dated May 6, 2024, the apex bank directed all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers, to comply with the directive.

According to the circular, the levy, equivalent to half a percent of all electronic transaction values specified in the Act’s Second Schedule, will be remitted to the National Cybersecurity Fund (NCF), administered by the Office of the National Security Adviser (ONSA).

Implementation of the levy is set to commence two weeks from the circular’s date, with deductions to be made at the point of electronic transfer origination. The deducted amount will be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.

Furthermore, financial institutions are required to remit the collected levies in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.

Transactions exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, inter-branch transfers within a bank, among others.

The CBN’s recent directives, including halting fintechs like Opay and Palmpay from onboarding new customers and instructing banks to deduct stamp duty charges on mortgaged-backed loans and bonds, demonstrate its ongoing efforts to enhance financial regulation and cybersecurity.

President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, made this call in a statement via his X handle on Thursday.

The presidential aide urged speculators to quickly dump their dollars to avoid “tears.”

He stated, “With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears.”

Onanuga was reacting to the Central Bank of Nigeria, CBN, disclosure that it had cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.

In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims.

Ali said the apex bank employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.

“Any invalid transactions were referred to the relevant authorities for further investigation,” she stated.

The CBN’s commitment to tackling the FX backlog appears to be paying off, with the external reserves seeing a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months.

During the 2024 Global Money Week (GMW) celebration in Abuja, Mr. Philip Ikeazor, the Deputy Governor responsible for Financial System Stability (FSS), emphasized the critical need for individuals to be well-informed about the methods used by criminals to swindle unsuspecting members of the public out of their hard-earned money.

Under the theme “Protect your Money, Secure your Future,” Ikeazor underscored the importance of instilling in children from an early age the awareness of financial security, prudent decision-making, and the recognition of fraudulent activities.

He stressed the significance of not just earning money, but also understanding financial scams, saving, and investing for the future.

Ikeazor highlighted the pivotal role of acquiring financial management skills to ensure a secure future, emphasizing that income alone does not guarantee financial stability.

Furthermore, he emphasized the necessity of being versed in recognizing various types of scams, knowing how to respond to scammers, and implementing measures to safeguard one’s finances both online and offline.

Mr. Nuhu Othniel, the Acting Director of the Consumer Protection Department at the CBN, reiterated the importance of GMW, which aims to empower children and youths with financial literacy to make sound financial decisions and enhance their future financial wellbeing.

As part of the GMW celebrations, various activities and programs have been organized, including school mentoring sessions and visits to financial institutions like the Nigerian Exchange Group and the CBN’s currency museum.

These initiatives seek to equip young Nigerians with the knowledge and skills necessary to navigate the financial landscape safely and effectively.

Dr Usman Opanachi, Department of Monetary Policy, CBN who spoke on behalf of the Governor of the CBN, Dr Olayemi Cardoso, at the 2024 public lecture titled “Recent Developments in the Nigerian Foreign Exchange Market: Issues, Options and Way Forward,” organized by the Nigerian Economic Society, emphasized the challenges faced in stabilizing the exchange rate and combating inflation.

He highlighted the CBN’s commitment to addressing these issues, acknowledging the historical struggle with excess demand for forex.

He emphasized the CBN’s adoption of a market forces approach, allowing market dynamics to play a significant role in determining the Naira’s value.

However, renowned economist Prof. Sam Olofin cautioned that controlling the foreign exchange might be challenging given the dominance of parallel market forces.

President of the Nigerian Economic Society, Prof. Adeola Adenikinju, underscored the importance of consulting economists to address economic weaknesses.

He highlighted the exchange rate’s pervasive impact on the economy, emphasizing the need for informed policy decisions.

The event, chaired by Prof. Antonia Simbine, Director General of the Nigerian Institute of Social and Economic Research, stressed the imperative for solutions to Nigeria’s economic challenges.

The Vice Chancellor of the University of Ibadan, Prof. Kayode Adebowale, represented by Prof. Olamakinde Olapegba, echoed the call for concerted efforts towards resolving these issues.

The declaration was made in a letter sent to the Assistant Inspector General of Police by the Office of the CBN Special Investigator.

Ocheme, along with Adamu Abubakar and Imam Abubakar, stand accused of conspiring and forging documents in Buhari’s name to perpetrate the theft from the CBN’s funds.

Meanwhile, the Federal Government has taken legal action by filing a six-count charge against Ocheme and his alleged accomplices.

The letter, signed by Head of Operation, Office of Special Investigator, Deputy Commissioner of Police, Eloho Okpoziakpo, read: “The Special Investigator, appointed by the President and Commander-in-Chief of the Federal Republic of Nigeria to investigate the CBN Related Entities and other key government business entities, KGBEs, kindly requests you to place the above-named individuals on INTERPOL red notice.

“In the course of the Special Investigator’s assignment, Mr. Odoh Ocheme, (a staff of the CBN) now at large and the other two accomplices, also now at large, were discovered to have conspired and forged documents in the name of the President, Federal Republic of Nigeria with which they stole about US$6,230,000 in cash, from the coffers of the CBN.

“Consequent upon the above, a charge was filed and warrants of arrest have been issued by the Federal High Court of Nigeria, Abuja Division, presided over by Hon. Justice I.E. Ekwo in Charge No. FHC/ABJ/CR/19/2024 B/w: Federal Republic of Nigeria v. Adamu Abubakar & 2 Ors for the arrest and production of the Defendants named above for their arraignment.

The data page of Odoh Ocheme’s Nigerian International Passport No. B50082800, duly certified true copies of the warrants and the Order of the Court to that effect are hereby attached.

“The special investigator, therefore, prays you to use your good offices to request that the Defendants be placed on Interpol Red Notice, with a view to apprehending and repatriating them from any of the Interpol member states to which they may have flown.”

This move marks a departure from the previous emphasis on such intervention funds, which were considered a cornerstone of the central bank’s approach.

The apex bank, through a circular addressed to the Chief Executives of banks and signed by Sa’ad Hamidu, the Acting Director of the Development Finance Department, outlined the changes on Tuesday.

The circular, titled ‘Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme,’ stated that the CBN is realigning its focus to fulfill its core mandate of ensuring price and monetary stability, moving away from direct development financing interventions.

“In furtherance of the Central Bank of Nigeria’s new policy thrust focusing on its core mandate of ensuring price and monetary stability, the Bank has commenced its pullback from direct development financing interventions.

“Accordingly, the CBN would be moving into more limited policy advisory roles that support economic growth.

“In consideration of the above, the CBN wishes to inform you that it has stopped accepting new loan applications for processing under any of its existing intervention programmes and schemes.

“It is important that you communicate this to your customers. And, kindly note that the interest rates, as well as other terms and conditions on all existing facilities, remain as contained therein in their respective approval letters.

“You may also wish to note that your bank shall be responsible for the recovery of the outstanding balance on all facilities previously accessed through your bank.”

The decision, communicated in a statement on Monday and signed by Adetona Adedeji, the Acting Director of Supervision at CBN, marks a temporary relief for bank customers.

In 2019, the CBN had introduced charges on cash deposits and withdrawals as part of its efforts to minimize the use of physical cash.

The initial directive required banks to impose a five per cent processing fee for withdrawals and a three per cent processing fee for lodgments exceeding N3,000,000.

However, the new directive emphasizes that Deposit Money Banks (DMBs) should now accept all cash deposits from the public without any charges during the specified period.

This move aims to facilitate smoother transactions for bank customers, offering a brief respite from the previously imposed fees until April 30, 2024.

Mrs. Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, issued the assurance today.

The statement addressed reports circulating in the media, claiming that certain licensed commercial banks in Nigeria had failed the CBN’s Capital Adequacy Ratio (CAR) for international authorization.

Mrs. Ali clarified that the Nigerian banking industry demonstrates resilience, with key financial soundness indicators remaining within the regulatory thresholds, as outlined in the CBN’s most recent Economic Report of 2023.

The CBN is actively engaging with various critical stakeholders to maintain confidence in the Nigerian financial sector. Mrs.

Ali urged Nigerians to disregard the media reports that listed banks as failing the CAR stress test for international authorization, emphasizing that such reports did not originate from the Central Bank of Nigeria.