After Introducing New Charges, CBN Updates List of Banks in Nigeria Authorised to Hold Deposits
- The Central Bank of Nigeria has sent an updated list of banks and financial institutions operating in Nigeria
- The list includes commercial banks with regional banking licenses, banks with national banking licenses, and non-interest banks, among others
- The development follows a directive by the CBN to financial institutions to start charging Cybersecurity Levy on electronic transfers
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria has sent an updated list of financial institutions in Nigeria authorized to hold deposits and collect charges for the Nigerian government.
The new list contains the names of deposit money banks as of April 29, 2024.
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CBN lists banks and their different licences
The list also contains the names of seven Nigerian banks with international banking licenses, including Access Bank, Fidelity Bank, FCMB, First Bank, GTB, UBA, and Zenith Bank.
The apex bank also released the names of 22 commercial banks with national banking licenses.
Other banks with non-interest banking licenses including Jaiz Bank, Lotus Bank, TAJ Bank, and Alternative Bank were also included on the list.
It also released the names of six merchant banks and seven Nigerian banks having holding licenses.
The financial institutions regulator also named four banks with regional banking licenses, including Providus Bank, Parallax Bank, Sun Trust Bank, and Signature Bank.
Banks to begin charging cybersecurity levy
This development comes as the apex bank mandated that financial institutions in Nigeria start charging a cybersecurity levy on electronic transfers.
The CBN disclosed this in a circular on Monday, May 6, 2024, saying that the levy implementation would begin two weeks from the circular date.
The directive was issued to all commercial, merchant, non-interest, and payment service banks.
According to the circular, the directive follows up on earlier letters dated June 25, 2018, and October 5, 2018, on compliance with the Cybercrime Prohibition and Prevention Act of 2015.
Transactions exempted from the levy
However, the CBN exempted loan disbursements and repayments, intra-bank transfers within the same bank or between the same banks for the same customer, and intra-bank transfers between customers of the same bank from the levy.
Other transactions exempted from the levy include inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credit, and banks’ recapitalization-related funding.
Others are bulk fund movements from collection accounts, savings, deposits, and transactions involving long-term investments, among others.
CBN adjusts Customs exchange rates
Legit.ng reported that the Central Bank of Nigeria (CBN) has again adjusted the Customs exchange rates for cargo at Nigerian ports.
The apex bank fixed the exchange rate for Customs duty collection at N1,441.53 per dollar from the N1,373.64 it fixed the rate two days ago.
The figure represents an increase of N61 from the former amount.
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Source: Legit.ng
