- The federal government has ordered the Central Bank of Nigeria to halt the N50 stamp duty POS charge
- The government gave the directive through the Federal Competition & Consumer Protection Commission (FCCPC)
- The directive was contained in a press release sent to journalists by the FCCPC on Tuesday, December 24
The federal government through the Federal Competition & Consumer Protection Commission (FCCPC) has called on the Central Bank of Nigeria to halt the N50 stamp duty POS charge.
The directive was contained in a press release sent to journalists by the FCCPC on Tuesday, December 24.
“The FCCPC's strongly held position was that an assessment imposed on merchants necessarily is a component of their cost of doing business, and may only be directly passed on to consumers in limited circumstances.
“For many reasons, including and particularly the CBN's effort to promote a cashless economy, the merchants' response of imposing this assessment on consumers was not only inconsistent with the underlying policy but also counterproductive and burdensome on consumers,” part of the statement read.
The FCCPC then stated that: “Merchants are now prohibited from penalising or otherwise, assessing any duty, costs or assessment characterised as 'stamp duty' on consumers who select point of sale options to conclude their purchase or transactions.”
Recall that the CBN on Monday, December 23, cautioned merchants against charging customers N50 for the use of POS machines.
The apex bank said its directive on stamp duty payments were misunderstood by merchants who are already billing customers N50 for every POS transaction.
Addressing the issue, Musa Jimoh, the CBN's director of the payment system management department said stamp duty is a fee regulated by an Act.
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