The Central Bank of Nigeria (CBN) has defended its new policy imposing charges on cash withdrawals from Automated Teller Machines (ATMs) of banks other than the customers’ own, stating that the measure benefits both banks and customers.
Papers News reports that CBN’s Acting Director, Financial Policy and Regulation Department, John Onojah, speaking on Channels Television’s Sunrise programme on Saturday, assured Nigerians that the issue of cash shortages at ATMs would be addressed under the new policy.
“We have gotten the commitment of the banks to ensure that you don’t go to the ATMs and be told that there is no money. We have ensured that when you get to the bank, at least we have set a minimum of ₦20,000 that you can withdraw at your own wish,” Onojah stated.