News
NLC Reacts As CBN Introduces Cybersecurity Levy
The Nigeria Labour Congress (NLC) said it sees the 0.5 per cent cybersecurity levy newly introduced by the Central Bank of Nigeria (CBN) as another burden on Nigerians.
Recall that the Apex Bank released a circular on Monday announcing that all commercial, merchant, non-interest, and payment service banks, among others, would start charging customers the reported percentage.
The CBN noted that the implementation of the levy would start two weeks from Monday, May 6, 2024.
“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,” the circular stated partly.
Reacting, however, to the declaration, the NLC, in a statement by its President, Joe Ajaero, demanded the immediate withdrawal of the levy.
The labour union said the levy is 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 the 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.”
