CBN—NO CUSTOMER SHOULD PAY N50 CHARGES

CBN has given out an order that nobody should pay N50 charges on any Pos Transactions. CBN has clarified the issue of paying charges of N50 by Merchants who use point of sale machine for cashless transactions.

Speaking with the press Mr Jimoh explained that the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties.

He further explained:


"What has happened is that they have actually transferred this fee blatantly and openly to the customers, this is very wrong. No single individual should pay N50 in addition to the cost of the goods. Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchants, the merchants who are receiving the money are the ones who are supposed to pay,  stamp duty is not a CBN regulated fee, it is a fee regulated by an act, and so we can't change or push anything in that direction. To this the  stamp duty remains and cannot be changed by the CBN, what we are doing is to ensure that the instructions we regulate the banks become more responsible to ensure that these fees are collected and given to the government.