An official of the Central Bank of Nigeria (CBN) has said individuals are not supposed to pay N50 service charge when making payments with a point of sale (POS) machine. “No single individual should pay N50 in addition to the cost of the good,” Jimoh said in an interview on Channels Television. “Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchant. “Our circular that talks about merchants paying stamp duty according to the law does not say that the stamp duty should be paid by the consumer. That’s actually a misrepresentation of the CBN’S directive.”Jimoh said CBN’s directives is that merchants should pay all necessary charges as regulated by the government agency including stamp duty.

Source: The Guardian December 24, 2019 08:26 UTC