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SERAP to FG: You have 48 hours to reverse the ‘Cybersecurity levy’

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

Cybersecurity Levy
Cybersecurity Levy

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

SERAP said it would institute legal action against the government if it failed to reverse the cybersecurity levy imposed on electronic transactions within 48 hours.

The human rights organisation posted this on its X handle on Tuesday.

“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,” the organisation posted.

On Monday, the Central Bank of Nigeria (CBN) in a circular directed banks and other financial institutions to implement a 0.5 per cent cybersecurity levy on electronic transfers.

According to CBN, the new policy on ‘Cybersecurity Levy’ would take effect in two weeks

The deduction and collection of the cybersecurity levy were linked to implementing the newly enacted Cybercrime (prohibition, prevention etc) Amendment Act of 2024, passed by the National Assembly and signed into law by President Bola Tinubu in February.

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