In this paper, we extend the paper of Kaneyoshi (2010 J. Magn. Magn. Mater. 322 3410-5) to investigate the dynamic magnetizations and dynamic phase transitions of a transverse cylindrical Ising nanowire system by using the effective field theory with correlations and the Glauber-type stochastic dynamics under a time-dependent oscillating external magnetic field. The dynamic effective field equations for the average longitudinal and transverse magnetizations on the surface shell and core are derived by using the Glauber transition rates. Temperature dependences of the dynamic longitudinal magnetizations, the transverse magnetizations and the total magnetizations are investigated in order to characterize the nature (first-or second-order) of the dynamic transitions as well as the dynamic phase transition temperatures and the compensation behaviors. The system is strongly affected by the surface situations. Some characteristic phenomena are found depending on the ratio of the physical parameters in the surface shell and the core. According to the values of Hamiltonian parameters, four different types of compensation behaviors in the Neel classification nomenclature exist in the system. The results are compared with some theoretical works and good overall agreement is observed.