SERAP gives FG 48-hrs timeframe to reverse CBN’s 0.5% cybersecurity levy

The Socio-Economic Rights and Accountability Project has warned the Federal Government to reverse the 0.5 per cent cybersecurity levy ordered by the Central Bank of Nigeria.

SERAP also said it would deal in legal action against the government if it failed to reverse the levy within a 48-hour ultimatum.

The non-governmental organisation said this on Tuesday through its Twitter handle, calling for the immediate reversal of levy ‘imposition’.

SERAP tweep @SERAPNigeria wrote, “The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5% ‘cybersecurity levy’ on Nigerians.

“We’ll see in court if the directive is not withdrawn within 48 hours.”

The apex bank has ordered banks operating in the country to begin charging a cybersecurity levy on transactions.

A circular from CBN seen by this medium on Monday showed that the implementation of the levy would start two weeks from then.

The circular referred to all commercial, merchant, non-interest and payment service banks, among others.