CBN Returns Over N60 Billion Excess Bank Charges to Customers

The Central Bank of Nigeria (CBN) on Thursday said it has so far recovered over N60 billion from erring banks as excessive charges imposed on customers. The bank also said it has equally returned the same amount to the affected customers.

This is just as the Apex Bank has announced that it had commenced the processes for the creation of 10 million jobs in the next five years through investment support in agriculture, using 10 commodity models.

Speaking during a two-day customer sensitization forum in Owerri, the Imo State capital, the CBN Director of Corporate Communications, Mr. Isaac 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 and ensure they did not misuse customers' deposits.