The Socio-Economic Rights and Accountability Project, SERAP, on Tuesday issued a 48-hours ultimatum to the Federal Government 48 to withdraw the 0.5% ‘cybersecurity levy’ imposed on all bank transactions in the country.
SERAP made this known on its verified handle on X handle.
SERAP threatened to drag the Federal Government to court if the “grossly unlawful” directive by the Central Bank of Nigeria, CBN, is not withdrawn.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 We’ll see in court if the directive is not withdrawn within 48 hours.’’
The Central Bank of Nigeria, CBN, had in a circular earlier on Monday, directed banks to levy a 0.5 percent 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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