The Trade Union Congress of Nigeria has threatened a shutdown of the economy over the plan by the Central Bank of Nigeria to implement the 0.5 percent cyber security levy on electronic transactions.
The TUC president, Festus Osifo, issued the warning in a statement on Wednesday, calling on the Federal Government to order the CBN to withdraw its directive to financial institutions on the issue, to prevent the shutdown.
Osifo described such a plan as illogical, coming at a time when Nigerians were struggling with a high cost of living imposed by the devaluation of the naira, the hike in the cost of petrol, and increment in the cost of electricity tariff, among others.
He expressed fears that this would further encourage people to hoard cash at home, reduce financial inclusion, increase poverty, and exacerbate the misery index.
The CBN had directed banks on Monday to implement the 0.5 per cent cybersecurity levy on electronic transactions from May 20.
The apex bank said the proceeds would be remitted to the National Cybersecurity Fund, which would be overseen by the Office of the National Security Adviser.
