SIXTEEN BANKING TRANSACTIONS EXEMPTED FROM CBN'S NEW CYBER SECURITY LEVY
These 16 transactions are not going to be affected by the Newly introduced Cyber Security Levy Charges to be paid by Nigerians: 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. 7. Banks’ transfers to CBN and vice-versa. 8. Inter-branch transfers within a bank. 9. Cheque clearing and settlements 10. Letters of Credits 11. Banks’ recapitalisation-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 Programmes transactions e.g. Pension payments 14. Non-profit and charitable transactions, including donations to registered non-profit organisations...