Socio-Economic Rights and Accountability Project (SERAP), alongside BudgIT and concerned citizens, have taken legal action against the Central Bank of Nigeria regarding its implementation of a cybersecurity levy.
The lawsuit challenges the legality of the CBN’s directive, citing constitutional breaches and potential financial burdens on bank customers. Notably, the plaintiffs question whether the levy, imposed under a recent CBN circular, aligns with the Cybercrime Act and constitutional provisions.
The controversy arises from the CBN’s mandate for financial institutions to deduct a cybersecurity levy of 0.5% from electronic transactions. Despite President Bola Tinubu’s call for a review and suspension of the policy, the plaintiffs seek judicial intervention to halt its enforcement.
The lawsuit contends that the levy’s diversion to the National Cybersecurity Fund, bypassing the Federation Account, violates constitutional principles. Additionally, it highlights existing financial pressures on Nigerians due to bank transaction fees.
The outcome of this legal battle holds significant implications for cybersecurity policies and financial regulations in Nigeria.
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