NLC Opposes CBN Directive on Cybersecurity Levy, Calls for Reversal

Olivia Pressman
2 Min Read
NLC Opposes CBN Directive on Cybersecurity Levy

The Nigeria Labour Congress (NLC) has strongly opposed the recent directive from the Central Bank of Nigeria (CBN) to impose a 0.5 (0.005) per cent cybersecurity levy on electronic transfers.

In a statement issued by NLC President, Mr. Joe Ajaero, the NLC condemned the CBN’s directive, describing it as unjustifiable and burdensome to hardworking Nigerians. The directive, which mandates banks and payment service operators to effect the deductions within two weeks, has been met with resistance from the NLC.


Ajaero emphasized that while cybersecurity is crucial in the digital age, imposing such a levy without considering its implications on workers and vulnerable segments of society is unacceptable.

READ ALSO: NLC Holds Protest in Abuja Over Economic Hardship

He criticized the levy as another form of exploitation by the ruling elite, burdening Nigerians with additional financial responsibilities.

Despite the CBN exempting interbank transfers and loans transactions from the levy, Ajaero highlighted the broader impact on everyday transactions, affecting the disposable income of workers and diminishing the purchasing power of citizens. He noted that such deductions come at a time when domestic manufacturers and businesses are already struggling due to the challenging socioeconomic environment.

READ ALO: CBN Bans Foreign Currency Collateral For Naira Loans

Ajaero called on the Federal Government to reconsider the directive and prioritize policies that alleviate the financial burdens of Nigerians. He urged collaboration between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace.

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