NLC Rejects CBN's Cybersecurity Levy: 'Unfair Burden' on Nigerians

NLC protests the cybersecurity levy imposed by CBN

The Central Bank of Nigeria (CBN) recently imposed a cybersecurity levy, which the Nigeria Labour Congress (NLC) has opposed, claiming that if it is not reversed, it will place further burdens on Nigerians.

The NLC asked that the “anti-people” policy be immediately withdrawn in a statement released by its president, Joe Ajaero.

The statement partly 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.”