It's yet another burden for Nigerians. NLC opposes cybersecurity levy

The Nigeria Labour Congress has expressed strong opposition to the recently implemented cybersecurity levy by the Central Bank of Nigeria, calling for its immediate withdrawal.

The NLC expressed its dissatisfaction with the levy, stating that it is yet another policy that negatively impacts the people during these challenging economic times.

The Nigeria Labour Congress strongly denounces the recent directive by the Central Bank of Nigeria to impose a 0.5 percent ‘Cybersecurity Levy’ on electronic transfers.

Implementing this levy through deduction at the transaction origination is an additional burden for hardworking Nigerians.

According to a circular issued by the CBN, banks and payment service operators have been directed to implement these deductions within the next two weeks.

It appears that this move, which claims to be focused on enhancing cybersecurity, has the potential to worsen the financial burden already experienced by the public.

On Monday, the Central Bank of Nigeria directed banks operating in the country to implement a cybersecurity levy on transactions.

According to a circular from the apex bank, the levy will be implemented starting two weeks from today.

The circular was addressed to various types of banks, including commercial, merchant, non-interest, and payment service banks.
The circular provided additional information regarding previous letters dated June 25, 2018, and October 5, 2018, which addressed compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.