Banks Refund N89.2b Illegal Deductions To Customers, Says CBN

Nigerian banks have refunded N89.2 billion illegally deducted from customers’ money, the governor of Central Bank of Nigeria, Godwin Emefiele stated on Thursday.

Emefiele, who spoke at a CBN Fair held simultaneously in Cross River and Akwa Ibom, said the monies were returned after customers’ complaints as at June 2021.

Represented by Osita Nwanisobi, spokesman for the CBN, the governor said the cumulative number of complaints from customers of banks as of June was 23,526 while 22,173 were resolved.

According to him, the fair became necessary to create awareness on CBN interventions and how it was impacting on the lives and businesses of the people.

“When the CBN governor assumed duty as the 11th governor of the apex bank, he made a profound statement that he wants a people centred CBN and you cannot have that if you do not engage.

“Also, CBN has about 37 targeted interventions which includes The Targeted Credit Facility, Health Sector Intervention, Commercial Agric Credit Scheme, Nigerian Electricity Market Stabilisation Fund and others.

“In addition, we want to use this opportunity to build the confidence of Nigerians that the nation’s financial institutions are resilient, stable and safe.

“Nigerians have nothing to fear as the CBN carries out a periodic examination of the banks,” he said.

On the issue of digital currency by the CBN, the governor asserted that Nigerians needed to understand that crypto currencies are issued by unknown entities without regulations.

He added that the digital currency which CBN intends to issue would be regulated by the apex bank and it can be used for the nation’s monetary policy.

In his remarks, Daramola Atanda, Head, Consumer Protection Department of the CBN, noted that Nigerians must know their rights as customers and report cases of violations to the CBN on 07002255226 or

Mr Atanda, however, asked bank customers to be responsible as there were issues that were in their own purview; such as understanding the package given to them by a bank.

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He also appealed to customers to ensure that they repay their loans and also protect their financial instruments such as their debit cards and others.

Speaking virtually from Uyo, Amina Abdulmalik from the Currency Operations Department of the CBN, called on Nigerians to handle the naira with care as it was a national pride.

“Our naira notes are supposed to last for about two years after printing but due to poor handling, some of them do not last for more than three months,” she said.