The Central Bank of Nigeria, CBN, claimed it increased ATM withdrawal fees from other banks to encourage banks to enhance cash access.
After its Monetary Policy Committee (MPC) meeting yesterday, the Apex bank maintained its benchmark interest rate, MPR, at 27.5%.
After the MPC meeting, CBN Governor Olayemi Cardoso announced these at a press briefing.
He said, “The Committee was unanimous in its decision to hold all parameters and thus decided as follows, retain the MPR at 27.50%, and retain the asymmetric corridor around the MPR at plus 500 to minus 100 basis points.
“Retain the Cash Reserve Ratio of Deposit Money Banks at 50% and merchant banks at 16% and four retain the Liquidity Ratio at 30%.
“The banks are interested and need to be incentivized to ensure that there’s regular access for their ATMs that people can come in, take money and go out, and I think the situation has improved a lot, but a lot is not enough.
“A lot is not enough. It has to work perfectly and seamlessly, and if we are planning for the future, certain costs do need to be absorbed, and this is one of them”.
“My view is that it isn’t something that is going to dissuade people from having access in a seamless manner to their money.
“On the contrary, it should be encouraged, and it should put the banks on greater scrutiny, especially where payments are being made for withdrawals.
“But the good news is that if you are withdrawing from your own bank, it’s not going to cost you anything.
“If you go to another bank where you go regularly and you feel this is where you want to be, you can actually go there and apply for a card also, and that will not cost you anything.