SERAP gives FG 48 hours to reverse cybersecurity levy

The Socio-Economic Rights and Accountability Project has given the Federal Government 48 hours to withdraw the 0.5% ‘cybersecurity levy’ imposed on Nigerians.

This is contained in a statement on its official X handle on Tuesday.

SERAP threatened to drag the Federal Government to court if the “grossly unlawful” directive by the Central Bank of Nigeria is not withdrawn.

The statement reads, “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 We’ll see in court if the directive is not withdrawn within 48 hours.’’

Recall that the Central Bank of Nigeria, CBN, had in a circular on Monday, directed banks to levy a 0.5 per cent cybersecurity charge on electronic transactions effective May 20, 2024.

The CBN clarified that the levy would be separately “reflected in the customer’s account” as “Cybersecurity Levy” and “applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.”

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