The Nigeria Labour Congress (NLC) has rejected the newly introduced 0.5 per cent cybersecurity levy to be charged on all bank transactions.
Recall that the Central Bank of Nigeria, on Monday, issued a circular to all commercial, merchant, non-interest, and payment service banks, among others; noting that the implementation of the levy would start two weeks from Monday, May 6, 2024.
The circler reads: “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy.”
Meanwhile, the NLC, while reacting to the development on Tuesday, in a statement made available by its President, Joe Ajaero, demanded the immediate withdrawal of the levy, saying that it is another anti-people policy of the government amid excruciating economic hardship.
The statement reads: “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.
READ MORE: CBN Directs Banks To Deduct 0.5% Cybersecurity Levy From Customers’ 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.”
