The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its failure to withdraw the unlawful circular, directing all banks and other financial institutions to deduct cybersecurity levy from customers’ account.
Deputy Director of SERAP, Kolawole Oluwadare, who spoke to newsmen, revealed that the directive, which has been scheduled to be implemented on Monday, 20th of may, 2024 is a misinterpretation of sections 44 and 58 of the cybercrimes act as amended.
Recall that the CBN had last week directed banks to implement a levy of 0.5 percent of all electronic transactions and remit the levy to the national cybersecurity fund.