The Central Bank of Nigeria (CBN) has justified its decision to increase charges on cash withdrawals from ATMs of other banks, stating that the move aims to incentivize banks to improve access to cash at their ATMs.
Papers News reports that at the end of its Monetary Policy Committee (MPC) meeting on Tuesday, the apex bank also announced that it would retain the Monetary Policy Rate (MPR) at 27.5%, maintaining key economic parameters.
CBN Governor, Olayemi Cardoso, while addressing journalists after the meeting, stated defended the increase in ATM withdrawal charges, which now stands at N100 per N20,000 withdrawn from another bank’s ATM.