SERAP gives Nigerian govt 48 hours to reverse CBN’s 0.5% cybersecurity levy or face court action

The Socio-Economic Rights and Accountability Project (SERAP) has issued a warning to the Federal Government to reverse the 0.5 per cent cybersecurity levy imposed by the Central Bank of Nigeria (CBN).

SERAP also threatened to embark on a legal action against the government if it failed to reverse the levy within a 48-hour timeframe.

The organisation said this Tuesday via its Twitter handle, calling for the immediate reversal of what it regarded as levy ‘imposition’.

Tweeting with the handle @SERAPNigeria, the organisation said: “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“We’ll see in court if the directive is not withdrawn within 48 hours.”

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It will be recalled that the CBN had ordered banks operating in the country to start charging a cybersecurity levy on transactions.

A circular from the apex bank on Monday disclosed that 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, revealing that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

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