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