{"id":326,"date":"2024-05-07T11:13:00","date_gmt":"2024-05-07T11:13:00","guid":{"rendered":"https:\/\/lifestylegist.com.ng\/?p=326"},"modified":"2026-05-15T10:43:26","modified_gmt":"2026-05-15T10:43:26","slug":"cbn-directs-banks-to-implement-05","status":"publish","type":"post","link":"https:\/\/lifestylegist.com.ng\/?p=326","title":{"rendered":"CBN Directs Banks to Implement 0.5% Cybersecurity Levy on Transactions"},"content":{"rendered":"<p>&nbsp;<\/p>\n<div class=\"separator\" style=\"clear: both; text-align: center;\"><a href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEioBOO3d57FgYliO1pVy61bX831FjUGsk8G4qejSLmsyAChkWq-v4HZj4FOvjZfEMEghBekvFMngq7AygEGmEhOsEEDbexo0P7J-8M-Pcz887tA1vhwtqP-4Q-oKzR3mYTEZOZMGjJLzU1UXGNywiE24-OcCfqwTMJ-ULjP5Ewx8YaG9kH0rTZ79yZWQR0\/s667\/D388FF4C-7EC7-40B1-8F60-BF27157C45D3.jpeg\" style=\"clear: left; float: left; margin-bottom: 1em; margin-right: 1em;\"><a href=\"https:\/\/lifestylegist.com.ng\/wp-content\/uploads\/2024\/05\/D388FF4C-7EC7-40B1-8F60-BF27157C45D3.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"667\" height=\"460\" src=\"https:\/\/lifestylegist.com.ng\/wp-content\/uploads\/2024\/05\/D388FF4C-7EC7-40B1-8F60-BF27157C45D3.jpg\" alt=\"CBN Directs Banks to Implement 0.5% Cybersecurity Levy on Transactions - Image 1\" title=\"CBN Directs Banks to Implement 0.5% Cybersecurity Levy on Transactions - Image 1\" class=\"wp-image-327\" srcset=\"https:\/\/lifestylegist.com.ng\/wp-content\/uploads\/2024\/05\/D388FF4C-7EC7-40B1-8F60-BF27157C45D3.jpg 667w, https:\/\/lifestylegist.com.ng\/wp-content\/uploads\/2024\/05\/D388FF4C-7EC7-40B1-8F60-BF27157C45D3-300x207.jpg 300w\" sizes=\"auto, (max-width: 667px) 100vw, 667px\" \/><\/a><\/a><\/div>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p>&nbsp; &nbsp;&nbsp;<span style=\"font-family: arial; font-size: large;\">&nbsp; <\/span><span style=\"font-family: arial; font-size: medium;\">The Central Bank of Nigeria (CBN), had instructed all banks to enforce a 0.5% cybersecurity levy on all transactions. Essentially this means that for every 1million Naira transfer, an additional 5000 Naira would be charged by the bank and remitted to the National Security Adviser(NSA) office for Cybersecurity purposes.<\/span><\/p>\n<p><span style=\"font-family: arial; font-size: medium;\">&nbsp; &nbsp; &nbsp;<\/span><span style=\"font-family: arial; font-size: large;\">&nbsp; &nbsp;&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial; font-size: medium;\">&nbsp; &nbsp; &nbsp;However they are 16 banking transactions that are exempted from the CBN\u2019s new cybersecurity levy:<\/span><\/p>\n<p><span style=\"font-family: arial; font-size: medium;\"><br \/><\/span><\/p>\n<\/p>\n<ol style=\"text-align: left;\">\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Loan disbursements and repayment&nbsp;<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Salary payments&nbsp;<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Intra-account transfer within the same bank or between different banks for the same customer.<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Intra-bank transfers between customers of &nbsp; the same bank.<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Other Financial Institutions to their correspondent banks.<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Interbank placements.&nbsp;<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Bank\u2019s transfers to CBN and vice-versa<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Intra-branch transfers within a bank<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Cheque clearing and settlements&nbsp;<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Letter of Credits (LCs<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Bank\u2019s recapitalization- related funding- only bulk funds movement from collections accounts.<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Savings and deposits, including transactions involving long- term investments such as Treasury Bills, Bonds, and Commercial papers.<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Government Social Welfare Programmes transactions e.g. Pension payments.<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Non-profit and charitable transactions, including donations to registered non-profit organizations or charities.<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Educational institutions\u2019 transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions.<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: medium;\">&nbsp;Transactions involving bank\u2019s internal accounts such as suspense account, clearing accounts, profit and loss accounts, inter- branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.&nbsp;<\/span><\/li>\n<\/ol>\n<p style=\"text-align: left;\"><span style=\"font-family: arial; font-size: medium;\">&nbsp; &nbsp; &nbsp;<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: arial; font-size: medium;\">&nbsp; &nbsp; &nbsp;Here are some things to know about the cybersecurity levy to be paid by Nigerians, according to the CBN circular.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: arial; font-size: medium;\"><br \/><\/span><\/p>\n<p style=\"text-align: left;\">\n<ul style=\"text-align: left;\">\n<li><span style=\"font-family: arial; font-size: medium;\">A new levy of 0.5% equivalent to half per cent, is applied to electronic transactions as mandated by the Cybercrime (Prohibition , Prevention, etc) (amendment) Act 2024.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: left;\"><span face=\"S\u00f6hne, ui-sans-serif, system-ui, -apple-system, &quot;Segoe UI&quot;, Roboto, Ubuntu, Cantarell, &quot;Noto Sans&quot;, sans-serif, &quot;Helvetica Neue&quot;, Arial, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-text-size-adjust: 100%; background-color: #212121; caret-color: rgb(236, 236, 236); color: #ececec; font-size: 16px; white-space: pre-wrap;\"><br \/><\/span><\/p>\n<p style=\"text-align: left;\">\n<ul style=\"text-align: left;\">\n<li><span style=\"font-family: arial; font-size: medium;\">The cybersecurity levy is covered by the sender of the electronic transactions and subtracted by the financial institution, with the deducted sum noted in the customer\u2019s account under the description: \u201cCybersecurity Levy.\u201d&nbsp;<\/span><\/li>\n<\/ul>\n<p style=\"text-align: left;\"><\/p>\n<p style=\"text-align: left;\">\n<ul style=\"text-align: left;\">\n<li><span style=\"font-family: arial; font-size: medium;\">Financial institutions are tasked with deducting the levy and forwarding it to the National Cybersecurity Fund, which is managed by the Office of the National Security Adviser.&nbsp;<\/span><\/li>\n<\/ul>\n<p style=\"text-align: left;\"><\/p>\n<p style=\"text-align: left;\">\n<p><span style=\"font-family: arial; font-size: medium;\"><\/p>\n<ul style=\"text-align: left;\">\n<li>Deductions shall commence within two weeks from the date of the circular, May 6, and financial institutions must remit collected levies in bulk to the NCF account domiciled at the CBN monthly by the fifth business day of the following months.<\/li>\n<\/ul>\n<div><\/div>\n<div>\n<ul style=\"text-align: left;\">\n<li>Financial institutions have deadlines to update their systems to handle levy deduction and remittance. Failure to remit the levy can result in penalties, including a fine of up to 2% if a financial institution\u2019s annual turnover.&nbsp;<\/li>\n<\/ul>\n<div><\/div>\n<div><\/div>\n<p>&nbsp; &nbsp; &nbsp; According to the circular, the implementation of the levy would start in two weeks. The circular read in part \u201cFollowing the enactment of the (Prohibition, Prevention, etc) (amendment) Act 2024 came into effect, in accordance with Section 44(2)(a) of the Act, a levy of 0.5%(0.005), equating to half a percent of the total of all electronic transactions by the business listed in the Second Schedule of the Act, is required to be sent to the National Cybersecurity Fund. This fund will be overseen by the Office of the National Security Adviser.<\/p><\/div>\n<p><\/span><\/p>\n<div>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><b>&nbsp; &nbsp;&nbsp;<\/b><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; &nbsp;&nbsp;&nbsp; The Central Bank of Nigeria (CBN), had instructed all banks to enforce a 0.5% cybersecurity levy on all transactions. Essentially this means that for every 1million Naira transfer, an additional 5000 Naira would be charged by the bank and remitted to the National Security Adviser(NSA) office for Cybersecurity purposes. &nbsp; &nbsp; &nbsp;&nbsp; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-326","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uncategorized"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CBN Directs Banks to Implement 0.5% Cybersecurity Levy on Transactions - LifestyleGist<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lifestylegist.com.ng\/?p=326\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN Directs Banks to Implement 0.5% Cybersecurity Levy on Transactions - LifestyleGist\" \/>\n<meta property=\"og:description\" content=\"&nbsp; &nbsp; &nbsp;&nbsp;&nbsp; The Central Bank of Nigeria (CBN), had instructed all banks to enforce a 0.5% cybersecurity levy on all transactions. Essentially this means that for every 1million Naira transfer, an additional 5000 Naira would be charged by the bank and remitted to the National Security Adviser(NSA) office for Cybersecurity purposes. &nbsp; &nbsp; &nbsp;&nbsp; [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lifestylegist.com.ng\/?p=326\" \/>\n<meta property=\"og:site_name\" content=\"LifestyleGist\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-07T11:13:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-15T10:43:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lifestylegist.com.ng\/wp-content\/uploads\/2024\/05\/D388FF4C-7EC7-40B1-8F60-BF27157C45D3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"667\" \/>\n\t<meta property=\"og:image:height\" content=\"460\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/#\\\/schema\\\/person\\\/ed9104b5a07f242997968fcecd5b694b\"},\"headline\":\"CBN Directs Banks to Implement 0.5% Cybersecurity Levy on Transactions\",\"datePublished\":\"2024-05-07T11:13:00+00:00\",\"dateModified\":\"2026-05-15T10:43:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326\"},\"wordCount\":548,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/lifestylegist.com.ng\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/D388FF4C-7EC7-40B1-8F60-BF27157C45D3.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326\",\"url\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326\",\"name\":\"CBN Directs Banks to Implement 0.5% Cybersecurity Levy on Transactions - LifestyleGist\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/lifestylegist.com.ng\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/D388FF4C-7EC7-40B1-8F60-BF27157C45D3.jpg\",\"datePublished\":\"2024-05-07T11:13:00+00:00\",\"dateModified\":\"2026-05-15T10:43:26+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/#\\\/schema\\\/person\\\/ed9104b5a07f242997968fcecd5b694b\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326#primaryimage\",\"url\":\"https:\\\/\\\/lifestylegist.com.ng\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/D388FF4C-7EC7-40B1-8F60-BF27157C45D3.jpg\",\"contentUrl\":\"https:\\\/\\\/lifestylegist.com.ng\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/D388FF4C-7EC7-40B1-8F60-BF27157C45D3.jpg\",\"width\":667,\"height\":460,\"caption\":\"CBN Directs Banks to Implement 0.5% Cybersecurity Levy on Transactions - Image 1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/?p=326#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/lifestylegist.com.ng\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CBN Directs Banks to Implement 0.5% Cybersecurity Levy on Transactions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/lifestylegist.com.ng\\\/#website\",\"url\":\"https:\\\/\\\/lifestylegist.com.ng\\\/\",\"name\":\"LifestyleGist\",\"description\":\"LifestyleGist is a Nigerian digital lifestyle publication. 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