CBN Returns N65bn To Bank Customers Over Wrongful Deductions

No lesser than N65 billion has been recovered by the Central Bank of Nigeria (CBN) from commercial banks as a result of wrongful deductions and charges from customers’.

This was revealed by Acting Director of Corporate Communications of CBN, Mr. Isaac Okorafor in Asaba on the sidelines of a two-day fair with the theme: ‘Promoting Financial Stability and Economic Development‘ for stakeholders in Delta State.

Advertisement

The apex bank said the recovery which is an accumulation since 2012 has also been refunded to customers who have complained of wrongful charges and deductions by commercial banks.

“We have recovered and refunded to customers over N65 billion out of complaints by people over acts of treatments on customers, wrong charges, wrong deductions and others since about 2012/2013 when we started,” he said.

“The Central Bank of Nigeria is very committed to making sure that people do not hawk the naira, because it is an offense punishable under the CBN Act of 2005. We have made it clear to any of our staff involved in the practice that they will be dismissed.

“We have also made it clear to banks that any of them caught doing it will be severely punished. We are regulators and not law enforcement agencies. It is the duty of the Nigerian police to enforce the law. We have collaborated with them at different times.

Advertisement

“We have had raids in Lagos, Port Harcourt, Onitsha, Ibadan and so on, and we will continue to do that, and people have been caught, and money confiscated. We are waiting on the police to begin to prosecute those people,” he stated.

Leave a comment

Advertisement