The National Association of Nigerian Students (NANS) has issued a resounding rejection of the Central Bank of Nigeria’s (CBN) recent announcement regarding a cybersecurity levy, urging for its swift retraction to alleviate the financial strain on the populace.

In a communiqué released by NANS President, Pedro Obi, the union expressed grave concern over the introduction of yet another policy that burdens the already-strained Nigerian populace, especially amidst the prevailing economic challenges. The directive, outlined in a circular, mandates banks and payment service operators to initiate deductions of 0.005 charge on electronic transfers within the next two weeks.

NANS vehemently denounced the CBN’s move, labeling it as an undue strain on hardworking Nigerians. While purportedly aimed at enhancing cybersecurity frameworks, the union argues that this levy only adds to the financial pressures faced by individuals and businesses across the nation. They emphasize that such a levy could hinder the cashless policy, especially given the numerous other charges already imposed on electronic transactions.

The association called for alternative measures to finance cybersecurity, urging the government to reconsider the levy’s implementation due to its detrimental impact on Nigerian students, businesses, and the general populace. They advocate for policies that alleviate economic burdens rather than exacerbate them, in line with the nation’s quest for sustainable economic growth and development.