By Egufe Yafugborhi & Chijioke Nwankpa

CENTRAL Bank of Nigeria (CBN) says it never issues any directive to merchants to charge customers N50 for Point Of Sales (POS) terminal transactions.

The apex bank made the clarification yesterday in Port Harcourt, Rivers state, to enlighten the public following widespread complaints about the new charge on POS by some merchants.

Senior Manager, Payments System Management, CBN, Clinton Chukwu said ” We did not issue any memo instructing Merchants to charge N50 for POS transaction. The cost of a transaction should be bored by the receiver who, in this case, is the merchant.”

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The bank further urged Nigerians to focus on the growth and development of the domestic economy by focusing on local production.

“By producing goods locally, jobs will be created and the value of the Naira will appreciate and the chain effect is that the domestic economy will become vibrant”, Chukwu started.

On diverting the nation’s economy, Corporate Affairs Manager, CBN, Isaac Okoroafor, said, “We have to emulate the Chinese economy. When China began manufacturing people referred to their products as “fake products.

“Today, China is leading in the manufacturing of most products in the world. Nigeria can become another China. What our people are doing in Aba, in Abia State is an encouraging example. “


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