NLC Speaks On CBN’s 0.5% Cybersecurity Levy

The Nigeria Labour Congress has rejected the recently introduced cybersecurity levy by the Central Bank of Nigeria and is demanding its immediate withdrawal.

Naija News reported that CBN had issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.

This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.

The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”

In a statement by its President, Joe Ajaero, the NLC lamented that the levy is another anti-people policy of the government amid extreme 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 post NLC Speaks On CBN’s 0.5% Cybersecurity Levy appeared first on Naija News.