CBN recovers N89bn excess charges from Nigerian banks


A total of  N89.2 billion excess and illegal charges slammed on customers by banks in Nigeria have so far been recovered by the Central Bank of Nigeria (CBN). This announcement was made the CBN Governor, Godwin Emefiele  ( who was represented by the Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi in Calabar at a 2- day public enlightenment fair.

Emefiele said the amount which was as of June 2021 was based on 23,526 complaints they received from customers bordering on charges and other related matters. The CBN governor, however, assured Nigerians that Nigeria’s financial system is sound, resilient and stable contrary to rumors in unnamed quarters.

According to him,  “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 policies, 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.”


He also noted that customer complaints are taken very seriously at the apex bank. 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.”

Meanwhile, the CBN has also dismissed insinuations in some quarters that it had planned to convert the foreign exchange in the domiciliary accounts of customers into Naira in order to check the shortage of dollars, noting that the rumour was the handiwork of mischief-makers. It, therefore asked the public to disregard the rumour.