Northern Elders Oppose Central Bank’s Cybersecurity Levy On Nigerians, Say It’s Illegal
The Northern Elders Forum (NEF) strongly opposes the recent decision by the Central Bank of Nigeria (CBN) to impose a cybersecurity levy on bank customers. According to NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, this policy is seen as arbitrary, illegal, and disconnected from the realities faced by Nigerians. NEF expressed concern over the increasing costs associated with banking transactions due to multiple charges.
NEF urges the government to reconsider this policy and suggests exploring alternative measures to alleviate financial strain on individuals while still promoting electronic payments. The organization highlights the burden imposed by various fees such as stamp duty, transfer fees, value-added tax, and SMS charges, in addition to the newly introduced cybersecurity levy.
While NEF acknowledges the importance of cybersecurity in safeguarding electronic transactions, they emphasize the need for a balanced approach that ensures security costs are reasonable and do not excessively burden bank customers. NEF argues that in a country already grappling with economic challenges and inflation, the additional financial burden imposed by the cybersecurity levy is unjust and unfair.
The organization urges the government and relevant stakeholders to find a sustainable solution that strikes a fair balance between enhancing cybersecurity and alleviating the financial strain on the Nigerian populace. NEF emphasizes the importance of prioritizing policies that protect the interests of the people and foster economic growth and development.
NEF’s stance underscores the significance of considering the impact of regulations on ordinary citizens and advocating for measures that promote financial inclusion and alleviate economic challenges. The government is urged to listen to the concerns of organizations like NEF and work towards implementing policies that benefit all Nigerians, rather than burdening them with additional costs and hardships.
Abdul-Azeez Suleiman emphasizes the need to strike a delicate balance between enhancing cybersecurity and easing the financial burden on the populace, particularly amidst significant economic challenges faced by Nigeria. NEF calls for meaningful engagement with authorities and relevant stakeholders to address legitimate concerns raised by the public regarding the cybersecurity levy.
The CBN’s decision to implement a 0.5% cybersecurity levy on transactions has sparked criticism from NEF and other stakeholders. The organization’s statement serves as a call for a review of this policy in consideration of its impact on Nigerians’ financial well-being.
Sahara Reporters
