The Central Financial institution of Nigeria (CBN) has justified its resolution to extend prices on money withdrawals from ATMs of different banks.

Naijaloaded reviews that on the finish of its Financial Coverage Committee (MPC) assembly on Tuesday, the apex financial institution additionally introduced that it might retain the Financial Coverage Price (MPR) at 27.5%, sustaining key financial parameters.

CBN Governor, Olayemi Cardoso, whereas addressing journalists after the assembly, said defended the rise in ATM withdrawal prices, which now stands at N100 per N20,000 withdrawn from one other financial institution’s ATM.

He defined that the coverage goals to encourage banks to enhance money availability at ATMs and develop their ATM community.

He mentioned:

“The banks should be incentivized to make sure common entry to money at their ATMs, so that folks can withdraw cash with out points. Whereas the state of affairs has improved, it nonetheless must work completely and seamlessly.”

“In the event you withdraw from your individual financial institution’s ATM, there isn’t a cost. In the event you ceaselessly use one other financial institution’s ATM, you’ll be able to apply for a card from that financial institution to keep away from prices. This coverage will encourage a larger proliferation of ATMs and make entry to cash extra seamless.”

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