Cybersecurity levy: 16 Bank transactions exempted from CBN’s new tax [LIST]

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The Central Bank of Nigeria has provided a list of 16 bank transactions that will not attract the new cybersecurity levy.

This was contained in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa. “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,'” the circular partly read.

Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers. Non-profit and charitable transactions, including donations to registered non-profit organisations or charities

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