CBN Returns N5Bn Illegal Bank Charges To Customers

The Central Bank of Nigeria has said that it has recovered  and returned to customers a total of N5bn wrongfully taken from depositors by banks operating in the country.

It also said it would focus on the protection of consumers of products being brought to the market by banks over the next three years.

The Deputy Governor, Financial Services, CBN, Dr. Kingsley Moghalu, told the Senate Committee on Banking, Insurance and other Financial Institutions on Tuesday, that there had been a crisis of confidence between banks and their customers regarding charges on deposits.

He said, “In the next few years, between now and 2015, we will be focusing on consumer protection. There are ranges of bank charges that are acceptable.

“As I speak to you, we have recovered from the banks N5bn as wrong charges, which have been returned to Nigerians.”