The Central Bank of Nigeria (CBN) has clarified the issue of payments of ₦50 charges by merchants who use Point of Sale (POS) machines for cashless transactions, insisting that nobody should pay extra on goods and services.
The CBN explained that the ₦50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by Government Agencies.
Channels TV reports that the CBN Director of Payment System Management, Mr Musa Jimoh, said the Apex Bank issued a circular and merchants have misinterpreted the directive.
He stated that “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.”
Mr Jimoh explained that because the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties.