NLC Opposes Introduction Of Cybersecurity Levy

ABUJA, FCT, NIGERIA – The Nigeria Labour Congress (NLC) has vehemently opposed the newly introduced 0.5% cybersecurity levy on all bank transactions.

The Central Bank of Nigeria (CBN) on Monday, April 6, 2024, issued the circular announcing the imposition of the levy on commercial, merchant, non-interest, and payment service banks.

Scheduled to take effect two weeks from Monday, May 6, 2024, the levy will be deducted at the point of electronic transfer origination, with customers seeing this deduction reflected in their accounts labeled as ‘Cybersecurity Levy’.

In response, NLC President Joe Ajaero released a statement demanding the immediate withdrawal of the levy.

He condemned it as another anti-people policy by the government, particularly in the midst of severe economic hardship.

Ajaero’s statement reads, “The Nigeria Labour Congress vehemently condemns the Central Bank of Nigeria’s (CBN) recent directive to impose a 0.5% ‘Cybersecurity Levy’ on electronic transfers.

“This levy, deducted at transaction origination, further burdens hardworking Nigerians.

“In the circular, banks and payment service operators are mandated to effect these deductions within the next two weeks.

“This move, ostensibly aimed at enhancing cybersecurity measures, risks exacerbating the financial strain already felt by the populace.”