The dynamic phase transitions in a cylindrical Ising nanowire system under a time-dependent oscillating external magnetic field for both ferromagnetic and antiferromagnetic interactions are investigated within the effective-field theory with correlations and the Glauber-type stochastic dynamics approach. The effective-field dynamic equations for the average longitudinal magnetizations on the surface shell and core are derived by employing the Glauber transition rates. Temperature dependence of the dynamic magnetizations, the dynamic total magnetization, the hysteresis loop areas and the dynamic correlations 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 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, five different types of compensation behaviors in the Neel classification nomenclature exist in the system. The system also exhibits a reentrant behavior. (C) 2012 Elsevier B.V. All rights reserved.