“There have been talks about Nigerians focusing on the CBN charge on deposits when in reality the real focus should have been on additional taxes that are now being incurred on POS transactions. “What our directive says is that merchants should pay all necessary charges as regulated by the government agency including stamp duty. When there is an electronic transaction to an account other than a savings account and the transaction amount is more than N1,000, you have to pay stamp duty. “No single individual should pay N50 in addition to the cost of the good. Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchant.

Source: Nigerian Tribune December 24, 2019 10:30 UTC