• 16 banking transactions that are exempted from the CBN’s new cybersecurity levy:

    16 banking transactions that are exempted from the cbns new cybersecurity levy - nigeria newspapers online
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    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 instructions to their correspondent banks

    6. Interbank placements, Banks’ transfers to CBN and vice-versa

    7. Inter-branch transfers within a bank

    8. Cheque clearing and settlements

    9. Letters of Credits

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

    11. Savings and deposits, including transactions involving long-term investments such as Treasury Bills,

    12. Bonds, and Commercial Papers.

    13. Government Social Welfare Programmes transactions e.g. Pension payments

    14. Non-profit and charitable transactions, including donations to registered non-profit organisations 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.

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