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The Central Bank of Nigeria, CBN, on Monday, mandated all banks in Nigeria to collect and remit a 0.5 per cent cyber security levy to the office of the National Security Adviser.<\/p>\n

DAILY POST reported that it gave this notice public through its directors of Payment System Management and Financial Policy and Regulation Departments, Chibuzor Efobi and Haruna Mustafa<\/p>\n

DAILY POST brings you the list of exemptions from cybersecurity charges:<\/p>\n

1. Loan disbursements and repayments<\/p>\n

2. Salary payments<\/p>\n

3. Intra-account transfers within the same bank or between different banks for the same customer<\/p>\n

4. Intra-bank transfers between customers of the same bank<\/p>\n

5. Other Financial Institutions (OFIs) instructions to their correspondent<\/p>\n

6. banks Interbank placements<\/p>\n

7. Banks\u2019 transfers to CBN and vice-versa<\/p>\n

8. Inter-branch transfers within a bank<\/p>\n

9. Cheques clearing and settlements<\/p>\n

10. Letters of Credits (LCs)<\/p>\n

11. Banks\u2019 recapitalization related funding \u2013 only bulk funds movement from collection accounts<\/p>\n

12. Savings and deposits including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.<\/p>\n

13. Government Social Welfare Programs transactions e.g. Pension payments<\/p>\n

14. Non-profit and charitable transactions including donations to registered nonprofit organisations or charities.<\/p>\n

15. Educational Institutions transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions.<\/p>\n

16. Transactions involving bank\u2019s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.<\/p>\n

<\/p>\n

CBN 0.5 percent cybersecurity charges: List of transactions exempted from payment<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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