CBN Releases Full List of Exemptions from 0.5% Cybersecurity Levy

The Central Bank of Nigeria has instructed banks to implement a cybersecurity levy on transactions, with exemptions outlined in a recent circular.

The levy, aimed at enhancing cybersecurity measures, will commence two weeks from the circular’s date.

Commercial, merchant, non-interest, and payment service banks are among those directed to comply with the levy.

Exemptions include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and more.

The circular refers to earlier directives on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

It mandates financial institutions to remit collected levies to the NCF account domiciled at the CBN by the fifth business day of each subsequent month.

Additionally, exemptions cover various transactions such as interbank placements, banks’ transfers to CBN, cheques clearing, government social welfare programs, educational institution transactions, and internal bank accounts.

About Lillian Edward

Lillian Edward is an Reporter with National Telescope Newspaper. She specialises in writing health, education, politics and general news. Email: Edward@nationaltelescope.com

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