The Central Bank of Nigeria (CBN) has defended its decision to increase charges on cash withdrawals from other banks’ ATMs, stating that the policy is designed to improve access to cash at automated teller machines across the country.
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CBN Governor Olayemi Cardoso made this known during a press briefing at the end of the Monetary Policy Committee (MPC) meeting. He explained that the revised charges would encourage banks to deploy more ATMs, ensuring seamless cash withdrawals and reducing dependence on informal cash vendors who impose high fees.
At the MPC meeting, the committee opted to maintain the Monetary Policy Rate (MPR) at 27.5%. Cardoso stated that all key parameters, including the Cash Reserve Ratio and Liquidity Ratio, were unanimously retained to support economic stability.
Addressing public concerns, the CBN governor clarified that the new charges would not hinder customers’ access to their funds. He noted that withdrawing money from one’s own bank’s ATM remains free, and customers can request a card from another bank they frequently use without incurring extra costs.
On the broader economic outlook, Cardoso reiterated the central bank’s commitment to stabilizing the financial and foreign exchange markets to attract foreign investment and drive economic growth.
He emphasized that the CBN’s long-term goal is to reduce inflation to single digits while maintaining orthodox monetary policies to ensure price stability.
