Reverse CBN’s 0.5% Cybersecurity Levy, SERAP Gives FG 48-Hour Ultimatum

Posted by Nwa Diokpa Business News, Featured, Latest Headlines Tuesday, May 7th, 2024

(AFRICAN EXAMINER) – The Socio-Economic Rights and Accountability Project has warned the Federal Government to reverse the 0.5 per cent cyber security levy imposed by the Central Bank of Nigeria.

SERAP also cautioned the federal government that it will deal in legal action against the government if it failed to reverse the levy within a 48-hour time frame.

The non-governmental organisation disclosed this on Tuesday via its Twitter handle, as it called for the immediate reversal of what it regarded as levy ‘imposition’.

SERAP stated: “The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cyber crime Act 2024, which imposes a 0.5% ‘cyber security levy’ on Nigerians.

“We’ll see in court if the directive is not withdrawn within 48 hours.”

It could be recalled that the Central Bank of Nigeria has directed banks operating in the country to start charging a cyber security levy on transactions.

According to the circular, the implementation of the levy would start two weeks from then.

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