CBN says it recovered over N60 billion excess bank charges and illegal deductions from commercial banks

Isaac Okoroafor, CBN Director of Corporate Communications
  • Nigerian banks deducted over N60 million in excess charges from 13,000 customers
  • CBN says it has returned the amount to the affected customers.
  • The Nigeria's apex bank says it will continue to address instances of excess, unapproved, and/or arbitrary charges.

The Central Bank of Nigeria (CBN) said it recovered over N60 billion (over $165 million ) from commercial banks for wrongful deductions and illegal bank charges on customers' accounts.

Isaac Okoroafor, CBN's spokesperson, stated this during a two-day customers' sensitization forum, in Owerri, Imo State, Nigeria's Southeastern region, on Thursday, February 20th, 2020.

Okoroafor said CBN bank had returned the amount to the affected customers.

The amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by Nigerian banks, The Nation newspaper quoted the CBN director as saying.

He said the central bank has adopted the intermediation strategy to monitor the banks and ensure they did not misuse customers' deposits.

Though the report did not state the time frame for the wrongful deductions, Okoroafor advised bank customers to report all cases of suspected illegal or excessive charges to the CBN.

In 2018, it also recovered over N65 billion from commercial banks over wrongful deductions and illegal charges. The amount was said to have accumulated from 2012 to 2018.

In January 2020, the apex bank kicked off the implementation of new charges on bank accounts, electronic transfers, and Automated Teller Machines (ATM).

The CBN said it will continue to address instances of excess, unapproved, and/or arbitrary charges.

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