- The Nigeria Labour Congress (NLC) opposes the 0.5% cybersecurity levy on bank transactions, calling it anti-people and demanding withdrawal
- Circular by the Central Bank of Nigeria announces the levy, set to be applied on electronic transfers, prompting NLC’s condemnation
The Nigeria Labour Congress (NLC) has strongly opposed the newly introduced 0.5% cybersecurity levy on all bank transactions.
The Central Bank of Nigeria (CBN) issued a circular on Monday announcing the levy on commercial, merchant, non-interest, and payment service banks. It will take effect two weeks from Monday, May 6, 2024.
According to the circular, the levy will be applied at the point of electronic transfer origination, with the deducted amount to be remitted by the financial institution. Customers will see this deduction reflected in their account with the narration, ‘Cybersecurity Levy’.
Reacting to this directive, NLC President Joe Ajaero issued a statement demanding the immediate withdrawal of the levy. He criticized it as another anti-people policy by the government, especially in the face of severe economic hardship.
Ajaero’s statement emphasized, “The Nigeria Labour Congress vehemently condemns the Central Bank of Nigeria, CBN’s recent directive to levy a 0.5% ‘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.”