As a response to a report in The PUNCH that merchants are not complying with the Central Bank of Nigeria directive on the N50 charge on Point of Sales transactions, just imagine this: I run a small retail store where I sell bottled water. I buy a pack at N1,000 and sell at N1,100, meaning my profit from a customer that comes in just to buy water is N100. If this customer pays with the PoS and the CBN takes N50, that aumatically means that 50% of my profit is lost. Furthermore, the CBN and other agencies that are pushing this policy do not seem to understand that it is antithetical to running a cashless economy. If the CBN would not reverse its decision to charge N50 per transaction, it should not use it to set customers up against businesses.

Source: Punch January 06, 2020 23:26 UTC