The Central Bank of Nigeria, CBN, says, “POS charge on transactions is a government stamp duty charge aimed at raising revenue for government's operations”.
In a statement released this afternoon, Thursday November 21, CBN noted that while Nigerian banks deserve to make gains from their services, it will not tolerate multiple or excessive charges by banks and where the services become extortionary on the customers, “CBN will work with the customers to fight these abuses”.
The apex bank also explained: “OMO is an instrument of the Central Bank of Nigeria for controlling money supply, which allows the participation of banks and Foreign Portfolio Investors only”.
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Ossai Rita Ashinedu
Our Correspondent , Ossai Rita Ashinedu, has Ordinary National Diploma in Mass Communication from Delta State Polytechnic, Ozoro. She can be reached on 07061927586
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