"The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer's account with the narration, 'Cybersecurity Levy'," it said.
The directive and the exemption list were contained in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa.Intra-bank transfers between customers of the same bankSavings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
Educational institutions' transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions Transactions involving bank's internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material,, representing a diversity of positions on every topic.
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Nigeria: 16 Banking Transactions Not Affected By New CBN's Cybersecurity LevyThe Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals.
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