Coalition of Northern Groups takes strong stand on cybersecurity levy

CNG, or the Coalition of Northern Groups, has voted against the proposed 0.5% cybersecurity fee for all bank transactions. 

According to the ZINGTIE, all commercial, merchant, non-interest, and payment service banks, among others, received a directive from the Central Bank of Nigeria, or CBN, on Monday instructing them to deduct the fee. 

The apex bank announced that the charge will go into effect two weeks from Monday, May 6, 2024. It will be levied at the point of electronic transfer origination and then deducted and remitted by the financial institution. 

Comrade Jamilu Aliyu Charanchi, the National Coordinator for CNG, responded to the development by stating that the decision “exemplified the Federal Government’s lack of compassion and empathy to the plight of Nigerians in the face of the current economic hardship”.  

“It is a crass heartlessness that is a sequel to fuel subsidy removal which now made fuel above N1000 per liter and the electricity tariff abrupt soaring that is tantamount to another daily-light extortion in the offing by the government that came to being through democratic processes.”

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