The Nigeria Labour Congress (NLC) has rejected the recent directive by the Central Bank of Nigeria (CBN) of 0.5 (0.005) per cent Cybersecurity Levy on electronic transfers.

Its President, Joe Ajaero, stated the NLC position in a statement on Tuesday in reaction to a recent circular issued by the CBN, mandating banks and payment service operators to effect the deductions, effective in two weeks.

Ajaero said the NLC vehemently condemned the directives and therefore called for immediate stoppage and reversal of the policy, which according to him, is yet another burden on the shoulders of hardworking Nigerians.

He noted that while the CBN had exempted interbank transfers and loans transactions from the levy, the broader impact on everyday transactions would not be overlooked, as such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.