CBN suspends implementation of interchange fee

CBN suspends implementation of interchange fee

The Central Bank of Nigeria (CBN) on Thursday suspended the implementation of interchange regime until further notice.

The CBN had in a circular of November 1, 2016 communicated the discontinuance of Merchant Service Charges (MSC) by May 1, 2017 and its subsequent replacement with the implementation of interchange regime.

However, in a new circular signed by Dip Fatokun, director, banking and payments system department, the CBN notifies all stakeholders on the suspension.

 

HOPE MOSES-ASHIKE

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