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In a growing backlash against the recently implemented 0.5% cybersecurity levy, an increasing number of customers and businesses are voicing their opposition to the new levy.

Recall that the Central Bank of Nigeria (CBN) in a circular on Monday directed commercial banks and other financial institutions to start charging 0.5 per cent cyber security levy on bank transactions after two weeks.

The Lagos Chamber of Commerce & Industry (LCCI) has called on the government to reconsider the implementation of the 0.5 per cent cybersecurity levy on all banking transactions, as its timing is wrong.

The director-general of LCCI, Dr. Chinyere Almona said, the directive by the Central Bank of Nigeria (CBN) to banks to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5 per cent cybersecurity levy on Nigerians, is a subject of concern to the Chamber.

According to her, “by this directive, individuals and businesses will be burdened with an additional levy amidst unsettled performance crises with power supply after the recently reviewed electricity tariffs. Unfortunately, the upward review of the electricity tariff has not brought about a commensurate boost in power supply to justify the additional costs to individuals and businesses.

“We urge the government to reconsider the implementation of this directive as its timing is wrong, and the justification is unclear. This directive should be withdrawn while we call for more consultations with critical stakeholders.”

A former chairman, Manufacturers Association of Nigeria (MAN), Ogun Chapter, Dr Wale Adegbite, also urged the CBN not to implement the recently announced cyber security levy.

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