Cybersecurity Levy Illegal, Out Of Touch With Realities Faced By Nigerians – Northern Elders To CBN

The Northern Elders Forum (NEF) has reacted to the Central Bank of Nigeria’s recent decision to impose a cybersecurity levy on bank customers.

Speaking via a statement, the socio-cultural organization condemned the policy, citing the escalating costs associated with banking transactions.

In the statement released by the NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, the forum described the CBN’s directive as arbitrary, illegal, and out of touch with the realities faced by Nigerians.

They called on the government to reconsider the policy and explore alternative measures to ease the financial strain on individuals while still promoting the use of electronic payments.

“The NEF pointed out that the introduction of cybersecurity levies, in addition to existing fees such as stamp duty, transfer fees, value-added tax, and SMS charges, has placed an unbearable financial burden on individuals engaging in electronic transactions.

“The Forum highlighted the various charges that bank customers now face, including cybersecurity levies ranging from ₦5 on ₦1,000 to ₦50,000 on ₦10,000,000 transactions, transfer fees, stamp duty, and value-added tax.

“These additional costs have significantly increased the overall expense of electronic transactions for both senders and receivers,” the NEF statement said.

Speaking further, the group urged the apex bank to consider a more balanced approach that ensures the costs of security measures are reasonable and do not excessively burden bank customers.

The post Cybersecurity Levy Illegal, Out Of Touch With Realities Faced By Nigerians – Northern Elders To CBN appeared first on Naija News.