SERAP asks FG to reverse CBN’s 0.5% cybersecurity levy within 48 hours

The Socio-Economic Rights and Accountability Project (SERAP) has issued a 48-hour ultimatum to the Federal Government to reverse the 0.5 per cent cybersecurity levy imposed by the Central Bank of Nigeria (CBN).

SERAP threatened to take legal action against the government if it failed to reverse the levy within the timeframe.

SERAP stated this Tuesday via its X handle, calling for the immediate reversal of what it regarded as levy ‘imposition’.

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“We’ll see in court if the directive is not withdrawn within 48 hours.”

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.

The circular revealed 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.