Pages 28 & 37

The Punch - - SWAG! -

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.

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