{"id":111874,"date":"2024-05-08T08:31:26","date_gmt":"2024-05-08T12:31:26","guid":{"rendered":"https:\/\/africatodaynewsnewyork.com\/?p=111874"},"modified":"2024-05-08T08:31:26","modified_gmt":"2024-05-08T12:31:26","slug":"nlc-cbn-clash-over-cybersecurity-levy","status":"publish","type":"post","link":"https:\/\/africatodaynewsnewyork.com\/2024\/05\/08\/nlc-cbn-clash-over-cybersecurity-levy\/","title":{"rendered":"NLC, CBN Clash Over Cybersecurity Levy"},"content":{"rendered":"

The recent order by the Central Bank of Nigeria<\/a> (CBN), of 0.5 per cent cybersecurity levied on electronic transfers has been completely rejected by the Nigeria Labor Congress (NLC), Africa Today News, New York reports.\u00a0<\/strong><\/p>\n

Comrade Joe Ajaero who is the President of the NLC stated the NLC position in a statement which was obtained by Africa Today News, New York on Wednesday in Abuja.<\/p>\n

Ajaero was reacting to a recent circular issued by the CBN, mandating banks and payment service operators to effect the deductions, effective in two weeks.<\/p>\n

The CBN has said that the move is \u2018ostensibly aimed at bolstering cybersecurity measures, threatens to exacerbate the financial strain already faced by the populace.\u2019<\/p>\n

According to Ajaero, the NLC vehemently condemned the directives and therefore called for an immediate stoppage and reversal of the policy.<\/p>\n

Read Also: <\/strong>CBN Orders Banks To Charge Nigerians For Cybersecurity<\/a><\/em><\/p><\/blockquote>\n

He said this levy, to be implemented by deduction at transaction origination, is yet another burden on the shoulders of hardworking Nigerians.<\/p>\n

\u201cThe Nigeria Labour Congress recognises the importance of cybersecurity in today\u2019s digital age.<\/p>\n

\u201cHowever, imposing such a levy on electronic transactions without due consideration for its implications on workers and vulnerable segments of society is unjustifiable.<\/p>\n

\u201cThis levy stands as another tax too much for Nigerians, burdening them with additional financial responsibilities. We see this levy as another gang-up by the ruling elite to continue its extortion and exploitation of hapless and helpless workers and the masses,\u201d he said.<\/p>\n

He explained that while the CBN had exempted interbank transfers and loan transactions from the levy, the broader impact on everyday transactions would not be overlooked.<\/p>\n

Ajaero further stated that such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.<\/p>\n

The NLC president also noted that domestic manufacturers and other businesses were already shuttering as a result of the stifling socioeconomic environment.<\/p>\n

He added that, yet, instead of creating a business-friendly environment to encourage greater investments in the economy, the opposite seems to be what is being practised.<\/p>\n

Ajaero called on the Federal Government to reconsider the directives and prioritise policies that alleviate the financial burdens of Nigerians.<\/p>\n

Africa Today News, New York<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The recent order by the Central Bank of Nigeria (CBN), of 0.5 per cent cybersecurity levied on electronic transfers has been completely rejected by the Nigeria Labor Congress (NLC), Africa Today News, New York reports.\u00a0 Comrade Joe Ajaero who is the President of the NLC stated the NLC position in a statement which was obtained […]<\/p>\n","protected":false},"author":9,"featured_media":111904,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[6928],"tags":[20548,21643,24775],"class_list":["post-111874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature","tag-central-bank-of-nigeria-cbn","tag-cybersecurity","tag-nigeria-labor-congress-nlc","pmpro-has-access"],"yoast_head":"\nNLC, CBN Clash Over Cybersecurity Levy<\/title>\n<meta name=\"description\" content=\"The recent order by the Central Bank of Nigeria (CBN), of 0.5 per 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