Expressing strong opposition, the Nigeria Labour Congress (NLC) has rejected the recent directive by the Central Bank of Nigeria (CBN) imposing a 0.5 percent cybersecurity levy on electronic transfers. In a statement released in Abuja on Tuesday, NLC President Joe Ajaero conveyed the union's stance on the matter. The CBN's circular, instructing banks and payment service operators to implement the deduction within two weeks, prompted the NLC's response. Describing the levy as potentially intensifying the financial burdens on the populace, Ajaero criticized the CBN's move. He strongly denounced the directive and demanded an immediate halt and reversal of the policy, highlighting that the levy adds to the financial strains faced by hardworking Nigerians. While acknowledging the importanc...

In response to the recent directive from the Central Bank of Nigeria (CBN) regarding a 0.5% cybersecurity levy on electronic transfers, the Nigeria Labour Congress (NLC) has expressed its objection. NLC President Joe Ajaero conveyed the organization's stance in a statement released to the press in Abuja on Tuesday. The move by the CBN, requiring banks and payment service providers to implement the levy within two weeks, prompted Ajaero's reaction. The CBN stated that the initiative, ostensibly aimed at enhancing cybersecurity measures, could further strain the financial situation of the people. Ajaero strongly criticized the directive, calling for an immediate halt and reversal of the policy. He decried the levy, which would be deducted at the start of transactions, as an additional b...