‘Another Burden On Nigerians’ – NLC Rejects CBN’s Cybersecurity Levy

Nigeria Labour Congress (NLC) has rejected the newly introduced cybersecurity levy by the Central Bank of Nigeria (CBN).

Gatekeepers News reports that the levy is an additional charge on transactions and has been met with opposition due to its perceived negative impact on the economy.

The NLC is demanding the immediate withdrawal of the policy, which it sees as another anti-people policy of the government amid excruciating economic hardship.

The statement read, “The Nigeria Labour Congress, vehemently condemns the recent directive by the Central Bank of Nigeria, CBN, to levy a 0.5 per cent ‘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.”

The CBN had directed all commercial, merchant, non-interest, and payment service banks to begin charging a cybersecurity levy on transactions.

The implementation of the levy is set to start two weeks from the release of the circular. This development is in compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015, as stated in an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023).