Cybersecurity Levy: SERAP gives FG 48-hrs ultimatum to reverse CBN’s 0.5% imposition

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.

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

The non-governmental organisation stated this Tuesday via its X handle, calling 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 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“We’ll see in court if the directive is not withdrawn within 48 hours.”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 Central Bank of Nigeria on Monday ordered banks operating in the country to start charging a cybersecurity levy on transactions.

A circular from the apex bank seen by Chronicle NG 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.

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