NLC Disapproves Of The Cybersecurity Levy

The recently proposed 0.5% cybersecurity levy, which would have been applied to all bank transactions, has been rejected by the Nigeria Labour Congress (NLC).

The Central Bank of Nigeria (CBN) said on Monday that the levy would go into effect two weeks from Monday, May 6, 2024, in a circular that was sent to all commercial, merchant, non-interest, and payment service banks, among other banks.

“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 to the development, the NLC, in a statement by its President, Joe Ajaero, demanded the immediate withdrawal of the levy, saying it 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.”

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