CBN retrieves N60bn excess bank charges to customers

The Central Bank of Nigeria (CBN) on Thursday, February 20; said it has so far recovered over N60 billion from erring banks as excessive charges imposed on customers.

It further stated that it has equally returned the same amount to the affected customers.

This was contained in a statement made by the CBN Director of Corporate Communications, Mr. Isaac Okoroafor; during a two-day customers sensitisation forum in Owerri, the Imo State capital.

Okoroafor said the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department.

According to him, the amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by banks.

Okoroafor, who also disclosed that the erring banks were meted with various penalties by the CBN; stated that the apex bank was determined to ensure that no bank customer was cheated with excessive charges from their banks.

He added that the CBN adopted an intermediation strategy to monitor the banks; to ensure they did not misuse customers’ deposits.

The CBN director advised bank customers to report all cases of suspected illegal or excessive charges they feel their banks might have imposed on them.

He said: “We want to stop inflation in the economy by ensuring that prices of food items don’t keep rising at every turn. That’s why we made loans available with single digits interest rate.”

In light of this, the CBN spokesman disclosed that more than 10 million jobs would be created in Nigeria; in the next five years through the apex bank’s activities.

The jobs, he added, would be created through 10 commodity models such as cotton, cassava, palm oil, cocoa, maize, tomatoes, poultry, fishery, cattle, and dairy.

“We will also provide high yielding seedlings as well as extension services to the farmers.

“We’ll equally provide them with the processors who will buy off their farm products immediately after harvest. This will create the best value chain for everyone.”

Ng daily

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