The Central Bank of Nigeria, CBN, says its decision to increase charges on cash withdrawals from ATM of other banks was needed to incentivise banks to ensure improved access to cash at the ATMs.

Meanwhile, the apex bank, at the end of its Monetary Policy Committee meeting decided to retain the Monetary Policy Rate, MPR, its benchmark interest rate, at 27.5%.

CBN Governor, Olayemi Cardoso, disclosed these during a press briefing at the end of the MPC meeting.

Cardoso also said the recent decision of CBN to increase cash withdrawal charge to N100 per N20,000 from ATMs of other banks will encourage banks to increase cash availability at the ATMs hence  leading to proliferation of ATMs and make access to cash more seamless.

Addressing concerns over the need to balance the inflation fighting efforts of the CBN with the need for a quest to achieve significant economic growth, Cardoso noted that the objective of the apex bank is to achieve stability in the forex and financial markets as this is critical to attractive foreign investment needed to enhance economic growth.