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NLC Kicks Against CBN’s Cybersecurity Levy



Nigeria Labour Congress

The Nigeria Labour Congress (NLC) on Tuesday kicked against the announcement by the Central Bank of Nigeria (CBN) that banks operating in the country would start charging a cybersecurity levy of 0.5% on all transactions.

News About Nigeria reports that the CBN had on Monday revealed that the newly introduced cybersecurity levy of 0.5% on every transaction would be fully implemented in two weeks.

While revealing that the cybersecurity levy is to be remitted to the National Cybersecurity Fund which shall be administered by the Office of the National Security Adviser, the CBN, explained that the new levy is part of its policies and reforms aimed at sanitizing the nation’s financial sector.

Reacting to this, the NLC in a statement by its President, Joe Ajaero rejected the newly-introduced levy by the CBN noting that it is an anti-people policy that should never be implemented.

Ajaero further stated that for such a new policy to be implemented at a time when people are suffering from severe economic challenges is inhumane and inconsiderate.

The statement partly reads, “The Nigeria Labour Congress, NLC, vehemently condemns the recent directive by the Central Bank of Nigeria, CBN, to levy a 0.005 percent ‘Cybersecurity Levy’ on electronic transfers. This levy, to be implemented by deduction at the transaction origination, is yet another burden on the shoulders of hardworking Nigerians.

“In a circular issued by the CBN, the directive mandates banks and payment service operators to affect these deductions, effective next two weeks. This move, ostensibly aimed at bolstering cybersecurity measures, threatens to exacerbate the financial strain already faced by the populace.”