NLC Condemns CBN’s 0.5% Cybersecurity Levy

The recently introduced cybersecurity levy by the Central Bank of Nigeria has been condemned and rejected by the Nigeria Labour Congress, NLC.

NLC is also demanding its immediate withdrawal.

Osun Defender recalls that CBN issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.

This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.

The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”

Reacting to this via a statement by its President, Joe Ajaero, the NLC lamented that the levy is another anti-people policy of the government amid extreme economic hardship.

According to the statement, “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.

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