CBN N50 Stamp Duty And Its Likely Effects On Nigeria

CBN has finally implemented its N50 Stamp duty on every N1000 and above payment a bank account that receives payment from a corporate account or a corporate/current account that receives payment from any account , this means that almost all businesses in Nigeria will pay N50 on every payment they receive into their account.
Now here is the Analysis of the effects this will have.

1. Decreased cashless payments: A lot of stores and businesses will then decrease the amount of cashless means you can use to make payments because of course they would rather collect cash and at the end of the day make the N50 payment once. This means when we go to most stores they will tell you their POS terminals are not working because of this implementation.

2. Increase in transaction fees: For online stores where payments are made online, businesses would then increase their transaction fee thus making me pay N150 in total for any payment i want to make online, hence decreasing the adoption of e-commerce stores by Nigerians.

3. Over Priced goods and services: Some Business owners at this point will over price their products whether or not you pay with cash or POS. Business owners will make this an avenue to make more money hence making products and/or services more expensive.

4. Crime Rate Increase: If business owners adopt the number (1), this automatically means they have to increase their Security because the crime rate tends to increase with adoption of 1.

I will leave you all to ponder on this and understand its implications on us NIGERIANS.