NLC rejects CBN’s 0.5% cybersecurity levy

The Nigeria Labour Congress (NLC) has rejected the newly introduced cybersecurity levy by the Central Bank of Nigeria (CBN), saying it would be another burden on Nigerians if not reversed.

In a statement by its President, Joe Ajaero, the NLC demanded the immediate withdrawal of what it termed “anti-people” policy.

“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,” the statement partly read.

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