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HomeGist‘It’s another burden on Nigerians,’ NLC rejects cybersecurity levy

‘It’s another burden on Nigerians,’ NLC rejects cybersecurity levy

The Nigeria Labour Congress has rejected the newly introduced cybersecurity levy by the Central Bank of Nigeria, demanding its immediate withdrawal.

In a statement by its President, Joe Ajaero, the NLC lamented that 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 a circular issued by the CBN, the directive mandates banks and payment service operators to affect these deductions, effective next two weeks.

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This move, ostensibly aimed at bolstering cybersecurity measures, threatens to exacerbate the financial strain already faced by the populace.”

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The Central Bank of Nigeria, on Monday, ordered banks operating in the country to start charging a cybersecurity levy on transactions.

A circular from the apex bank disclosed that the implementation of the levy would start two weeks from today.

The circular was directed to all commercial, merchant, non-interest, and payment service banks, among others.

The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

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