Business News (Finance) —The Nigerian banking industry may
yet again send more of its workers to the job market this year following
rising cost of running their business, analysts have said.
The rising overhead cost is mostly a fallout of the Central
Bank of Nigeria (CBN) directives to deposit money banks (DMBs) to reduce
charges on turnover (COT) from N5 per N1,000 to N3 and the removal of
the N100 charged by banks for withdrawal of money through automated
teller machines (ATMs).
Part of the fallout is that most banks now keep one ATM
operational at a time in a bid to save cost. Most banks that have three
or more ATMs have one or more out of operations as the weight of
servicing becomes heavier with the removal of N100 charges.
LEADERSHIP investigations revealed that the banks are not happy
about the development, but have little choice over the decisions of the
regulatory body.
The banks are particularly sore that the decision of not
charging fees for usage of their ATMs negates the very principle of
banking. According to them, put plainly, banks are usually in the
business of buying and selling money.
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