In accordance to a circular by the Central Bank of Nigeria (CBN), Nigerian banks will begin deducting a 0.5% cybersecurity levy on customers’ transactions. The circular was issued by the CBN on Monday, May 6, 2024, and directed to all commercial, merchant, non-interest, and payment service banks, among others.

“Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month,” The circular reads.

Full List Of Transactions Exempted From CBN’s Cybersecurity Levy Debits on Customers Bank Accounts

1. Loan disbursements and repayments

2. Salary payments

3. Intra-account transfers within the same bank or between different banks for the same customer

4. Intra-bank transfers between customers of the same bank

List of All Bank Transaction Taxes In Nigeria

5. Other Financial Institutions (OFIs) instructions to their correspondent

6. Banks Interbank placements

7. Banks’ transfers to CBN and vice-versa

8. Inter-branch transfers within a bank

9. Cheques clearing and settlements

10. Letters of Credits (LCs)

11. Banks’ recapitalisation related funding – only bulk funds movement from collection accounts.

12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.

13. Government Social Welfare Programs transactions, e.g. Pension payments

14 Nonprofit and charitable transactions, including donations to registered non-profit organisations or charities.

The Origin Of The Ban On Spraying Naira

15. Educational Institutions transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions.

16. Transactions involving the bank’s internal accounts include suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

Check Out The Original Photos Of People On The Naira Notes