The Central Bank of Nigeria, CBN, has directed 0. 5 percent Cybersecurity Levy deductions on electronic transfers.

A circular issued by the CBN, on Monday said that the deductions will become effective from the next two weeks.

The circular, issued by the Director of Payment Services, Uzoma Efobi, was directed to all commercial, merchant, non-interest and payment service banks, among others.

The CBN says the levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution and reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.

The CBN says the funds will be remitted to the National Cybersecurity Fund which shall be administered by the Office of the National Security Adviser.

However, 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 are exempt from these charges.