Pages 28 & 37
us. Formerly, interbank ATM withdrawals attracted a N65 charge on each transaction after the third transaction in a month. But with the new ‘guideline’, there is a reduction of charges from N65 to N35. Here is the contradiction: If I would be charged N50 for stamp duty on each transaction I make via POS machines (I make a lot of them daily) and would be charged N35 for interbank ATM withdrawals after the third withdrawal in a month, wouldn’t I rather choose the latter and go ahead to make my purchases with cash? That way, the purpose of the cashless policy is defeated. The CBN needs to review its policies to avoid such contradictions and ultimately to cushion the effect of the already harsh economy on Nigerians.
It is also worthy of note that, as reported by some dailies on December 24, 2019, the CBN has directed consumers to refuse to pay the imposed N50 stamp duty to merchants, claiming that it is the merchants that are required to pay the said stamp duty to the CBN. This directive is laughable. Perhaps one needs to let the CBN know that it is not within the powers of consumers to help it implement/enforce its policies. If the CBN is serious about this, it must be ready to enforce and implement it, after all no merchant was charging consumers for stamp duty until the ambiguous directive was given by the CBN. The CBN must, therefore, take full responsibility of its errors and contradictions and work on, and enforce, a reversal of its anti-people policies.