FG has 48 hours to revoke CBN's 0.5% cybersecurity levy, according to SERAP

The Federal Government has been warned by the Socio-Economic Rights and Accountability Project to undo the 0.5% cybersecurity charge that was put in place by the Central Bank of Nigeria.

In addition, SERAP threatened legal action against the government for failing to repeal the levy within 48 hours.

The non-governmental organization demanded the prompt reversal of what it considered to be a “imposition” on Tuesday via its Twitter account.

SERAP tweep @SERAPNigeria 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“We’ll see in court if the directive is not withdrawn within 48 hours.”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 Nigerian Central Bank has mandated that banks do business in the nation and impose a transaction fee on cybersecurity.

The apex bank’s circular, which Punch Online obtained on Monday, stated that the charge would go into effect in two weeks.

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

The circular stated that it was a follow-up on prior correspondence about compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015, dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively.