CBN Announces 16 Banking Transactions Exempted From New Cybersecurity Levy Full Details Here

The Central Bank of Nigeria has instructed all banks to implement a 0.5 per cent cybersecurity levy on electronic transactions nationwide. This directive was conveyed in a circular signed by Chibuzo Efobi, Director of the Payments System Management Department, and Haruna Mustafa, Director of the Financial Policy and Regulation Department. The levy, applicable to various types of banks, is set to commence two weeks from the issuance of the circular. It will be charged at the point of electronic transfer initiation and deducted by the financial institution, with a corresponding entry in the customer’s account labeled ‘Cybersecurity Levy.’

The circular further delineates 16 banking transactions exempted from this levy, including loan disbursements, salary payments, intra-account transfers within or between different banks for the same customer, interbank placements, and government social welfare transactions like pension payments. Additionally, it exempts non-profit and charitable transactions, educational institution transactions, and internal bank account transactions such as those involving suspense accounts and reserve accounts.

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