CBN Recovers ₦89 Billion Excess Bank Charges, Others

The Central Bank of Nigeria, CBN, has disclosed that it has so far recovered N89.2 billion excess and illegal charges slammed on customers by banks in Nigeria.

Meanwhile the apex bank also said that Nigeria’s financial system is sound, resilient and stable contrary to rumors in unnamed quarters.

The CBN Governor, Godwin Emefiele, represented by the Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, speaking in Calabar at a 2- day public enlightenment fair, said the amount which was as at June 2021 was based on 23,526 complaints they received from customer bordering on charges and other related matters .

READ ALSO: FOREX: CBN to monitor banks’ compliance

He added that the insinuations that the Apex bank was planning to convert domiciliary/ dollar accounts to naira were false and unfounded.

The fair is targeted at keeping the public apprised and let them know the policies, programmes and economic interventions of the bank and how it benefits the people.

He stated: “We want Nigerians to know that we carry out “banking examinations” and the results show that our banks are in very good condition and our financial system is stable, resilient, safe and sound”.

“This sensitisation is part of ways to engage the people to understand how our polices, programmes and interventions are affecting them and as well as create a veritable platform to discuss and understand their challenges through their responses and feedbacks.”

On the customer complaints he said, “What we do is that whenever we get these complaints, they are thoroughly investigated, if they are found to be true, the CBN makes sure that these customers are properly refunded and we have so far recovered N89 billion.”

Source:- Vanguard

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