Central bank of Nigeria has urged citizens not to pay N50 charges on POS transactions.

N50 charge wasn’t meant for consumers but merchants who are meant to pay God stamp duty.

This is mostly misunderstood as the charges have been blatantly pushed to consumers.

Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive.

He said :

“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.

“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.

He further explained that no one should pay the N50 charges as its directed towards the merchant and not the consumers.

He added that since the stamp duty is not regulated by the CBN, there are no plans to stopping them.

“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 institutions we regulate (the banks) become more responsible to ensure that these fees are collected and given to the government.”