The Central Bank of Nigeria (CBN) has explained why it raised charges on ATM withdrawals from other banks.
The bank says the move is meant to improve cash availability at ATMs and encourage banks to expand their ATM network.
This was announced after the Monetary Policy Committee (MPC) meeting on Tuesday, where the bank also decided to keep the Monetary Policy Rate (MPR) at 27.5%.
CBN Governor Olayemi Cardoso stated that the new charge, now N100 per N20,000 withdrawn from another bank’s ATM, is expected to make cash access easier for customers. He assured that withdrawals from one’s own bank remain free, and customers can request ATM cards from multiple banks to avoid extra charges.
The CBN believes this step will stop informal cash handlers from overcharging people and make banking more efficient.
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