Business

CBN Reacts To N50 Charges On POS Transactions, Tells Customers What To Do

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CBN To Customers: Don't Pay N50 Charges On POS Transactions

President Buhari discusses with Central Bank of Nigeria Governor Godwin Emefiele during the 4th Presidential Task Force meeting of ECOWAS on common currency for member states (file photo: State House)

The Central Bank of Nigeria (CBN) on Monday said “no single individual should pay N50 in addition to the cost of the goods.”

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This was made known by the CBN Director of Payment System Management, Musa Jimoh, while explaining that merchants, who use Point of Sale (POS) machines for cashless transactions, misinterpreted its directive on N50 stamp duty.

Speaking on Channels TV’s Business Morning, the CBN Director of Payment System Management explained that the N50 stamp duty was a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies.

“Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepresentation of CBN directive. What our directive says is that merchants should pay all necessary tax as regulated by government agencies including stamp duty,” he said.

“What we told the merchants is that we would like the banks to ensure that the merchants comply with this directive by ensuring that every single payment that customers make to them, the merchants pay the regulated stamp duty of N50.

“What has happened is that they have actually transferred this fee blatantly and openly to the consumers; this is very wrong. No single individual should pay N50 in addition to the cost of the goods.”

The post CBN Reacts To N50 Charges On POS Transactions, Tells Customers What To Do appeared first on Concise News.

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