Nigeria News

Full list of exemptions from the cybersecurity levy imposed by CBN

Here’s a full list of exemptions from the cybersecurity levy imposed by the Central Bank of Nigeria:

  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
  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’ recapitalization 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. Non-profit and charitable transactions including donations to registered nonprofit organizations or charities.
  15. Educational Institutions transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions.
  16. 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.
Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.

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