The Central Bank of Nigeria identified transactions that were excluded from the cybersecurity charge on Monday, following the announcement of the levy’s implementation.

Prior to this, the bank ordered all banks to impose a cybersecurity tax of 0.5 percent on all domestic electronic transactions beginning two weeks from May 6.

“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’,” it said.

The directive and the exemption list were contained in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa.

Below is the list of the exempted banking transactions:

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 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.

A video making rounds on social media shows a female undergraduate of Bamidele Olumilua University of Education Science and Technology, Ikere in Ekiti State, brutally beating a fellow student with a stick.

Despite pleas from the victim, the bully was heard saying, “Let me draw blood from you easily or hardly.”

The incident reportedly occurred on Sunday, the same day the video surfaced on social media, and the witness who filmed the video claimed it happened on BOUESTI’s campus.

According to the video’s commentator, the victim is Ajayi Precious Gloria, while the perpetrator is a “very popular” Mass Communication student.

The commentator further claimed that the two were friends.

The video showed other individuals present during the assault, but none intervened to stop the attack. The reason for the attack is not yet known.

There was outrage on social media over a viral video of a female student at Lead British International School, Abuja, being bullied by her classmates.

Same month, another video depicting a separate case of bullying involving some male students in the school’s uniform emerged.

Banks and other financial institutions are required to impose a 0.5 percent cybersecurity charge on electronic transfers by order of the Central Bank of Nigeria (CBN).

This is stated in a memo that was signed on Monday by the directors of financial policy and regulation, Haruna Mustafa, and payments system management, Chibuzor Efobi.

Mobile money providers as well as commercial, merchant, non-interest, and payment service banks were all given the mandate.

CBN said the policy would take effect in two weeks and charges would be described as ‘Cybersecurity Levy’.

According to the apex bank, the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, “a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the second schedule of the Act, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” CBN said.

CBN said the charges would be remitted to the national cyber security fund, which would be administered by the office of the NSA.

“Deductions shall commence within two (2) weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the 5th business day of every subsequent month.”

CBN said failure to remit the levy is an offence which attracts a fine of not less than 2 percent of the annual turnover of the defaulting business, amongst others.

“Finally, all institutions under the regulatory purview of the CBN are hereby directed to note and comply with the provisions of the Act and this circular.”

Meanwhile, earlier, banks announced the reintroduction of 2 percent charge on deposits above N500,000.