Cybersecurity Levy: Engage Public For Better Understanding – NANS Tells CBN

Amidst the controversy over the proposed cybersecurity levy, the National Association of Nigerian Students (NANS) has urged the Central Bank of Nigeria (CBN) to educate the public for a clearer understanding of the policy.

Recall that the CBN had, in a circular, directed banks to charge 0.5 per cent on some transactions.

However, the policy generated controversies, with some citizens calling for its suspension, citing the nation’s present economic crisis.

But in a statement issued on Friday by its President, Comrade Lucky Emonefe, NAN said the apex bank’s decision would help tackle the threat in Nigerian cyberspace.

He, however, urged the CBN to engage stakeholders and other citizens to explain its intention.

The statement reads, “Recent incidents, such as the exploitation of cryptocurrency platforms like Binance for illicit financial activities amounting to billions, highlight the vulnerability inherent in our cyber domain, posing threats to the integrity of our economic system and eroding public trust in digital transactions.

“These threats pose significant risks to our national security, economic stability, and the overall privacy of our citizens.

“Therefore, we call on the CBN to engage the public and other stakeholders to better explain the bill’s genuine intent .

“It is important to dispel misconceptions circulating in sections of the media, particularly regarding the notion that the Cybersecurity Levy serves as a revenue generation tool for the Office of the National Security Adviser, ONSA”.