The Northern Elders Forum (NEF) has issued a strong condemnation of the Central Bank of Nigeria’s recent decision to impose a cybersecurity levy on bank customers. The NEF, representing the interests of the Northern region of Nigeria, expressed dissatisfaction with the policy, citing concerns over escalating costs associated with banking transactions due to multiple charges.
In a statement released by the NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, the forum criticized the CBN’s directive as arbitrary, illegal, and disconnected from the realities faced by Nigerians. The NEF urged the government to reconsider the policy and explore alternative measures to alleviate financial strain on individuals while still promoting electronic payments.
Highlighting the burden imposed by existing fees such as stamp duty, transfer fees, value-added tax, and SMS charges, the NEF emphasized that the introduction of cybersecurity levies has further exacerbated the financial strain on bank customers engaging in electronic transactions. The forum called for a more balanced approach that ensures reasonable costs for security measures without excessively burdening individuals.
The NEF underscored that, amidst economic challenges and hyperinflation, the additional financial burden imposed by the cybersecurity levy is unjust and urged the government to prioritize policies that protect the interests of the people while fostering economic growth.
The stance of the NEF highlights the importance of considering the impact of regulations on ordinary citizens and advocating for measures that promote financial inclusion and alleviate economic challenges. The forum called for meaningful review and urged authorities and stakeholders to address the legitimate concerns raised by the public regarding the cybersecurity levy.
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