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The Northern Elders Forum has strongly condemned the Central Bank of Nigeria ’s recent decision to impose a cybersecurity levy on bank customers.
The NEF criticised the CBN’s directive as ''arbitrary, illegal, and out of touch with the realities faced by Nigerians.'' 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 NEF said that in a country already grappling with economic challenges and hyperinflammatory conditions, ''the additional financial burden imposed by the cybersecurity levy is unjust and unfair, and urged 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.
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