Statistics and Breakdown About CBN CyberSecurity Levy


THE REAL COST OF TRANSFERRING ₦10,000 — UPDATED [MAY 2024]

SENDER:
Cybersecurity levy: ₦50
Transfer fee: ₦25
7.5% VAT fee: ₦1.88
SMS Notification: ₦4
Total cost to Sender: ₦80.88

RECEIVER:
Stamp duty (EMTL): ₦50
SMS Notification: ₦4
Total cost to Receiver: ₦54

TOTAL COST:
(Sender: ₦80.88 + Receiver: ₦54) = N134.88

Both Sender & Receiver bear ₦134.88 as the transfer cost of ₦10,000.

Real value exchanged: ₦9,865.12

#StatiSense

List of exemptions from cybersecurity charges:

Loan disbursements and repayments

Salary payments

Intra-account transfers within the same bank or between different banks for the same customer

Intra-bank transfers between customers of the same bank

Other Financial Institutions (OFIs) instructions to their correspondent

banks Interbank placements

Banks’ transfers to CBN and vice-versa

Inter-branch transfers within a bank

Cheques clearing and settlements

Letters of Credits (LCs)

Banks’ recapitalization related funding – only bulk funds movement from collection accounts

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

Government Social Welfare Programs transactions e.g. Pension payments

Non-profit and charitable transactions including donations to registered nonprofit organisations or charities.

Educational Institutions transactions, including tuition payments and other transaction involving schools, universities, or other educational institutions.

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