The Central Bank of Nigeria’s (CBN) recent directive introducing a 0.5% cybersecurity levy on banking transactions has generated significant controversy, with the Northern Elders Forum (NEF) joining the chorus of dissenting voices.
In a statement issued on Thursday, the NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, expressed the forum’s strong disapproval of the policy, citing the cumulative burden of multiple charges that have led to a surge in the costs associated with banking transactions.
The NEF denounced the CBN’s directive as arbitrary, unlawful, and disconnected from the harsh realities faced by Nigerians.
The forum urged the government to reconsider the policy and explore alternative solutions that would alleviate the financial strain on individuals while still promoting the adoption of electronic payments.
“It is imperative that the administration takes into account the concerns raised by a vast majority of Nigerians and prioritises policies that protect the interests of the people while also fostering economic growth and development.
“It is crucial that the government listens to the concerns of organisations like the NEF and works towards implementing policies that benefit all Nigerians, rather than burdening them with additional costs and hardships.
“It is essential to strike a delicate balance between enhancing cybersecurity and easing the financial burden on the populace, particularly at a time when the Nigerian economy is facing significant challenges due to inflation and other economic factors,” the statement reads in part.
The NEF’s stance adds to a growing chorus of discontent surrounding the levy. Critics, including civil society groups like SERAP, have labelled it an “extortionate” burden on Nigerians, particularly those already grappling with economic hardship.