Wednesday, February 17, 2021

CBN returns over N60bn excess bank charges to customers


tiamin rice

The Central Bank of Nigeria, CBN, has said that it has recovered over N60 billion from erring banks as excessive charges imposed on customers.

The CBN Director of Corporate Communications, Isaac Okoroafor, made the statement Thursday, during a two-day customers’ sensitization forum in Owerri, Imo State.

According to him, the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department.

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

He also noted that aside the recovery, the bank has equally returned same amount to the affected customers.

READ ALSO: CBN injects $218.41m, CNY 18m into retail secondary market

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

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

He used the opportunity to advise bank customers to report all cases of suspected illegal or excessive charges they feel their banks might have imposed on them.

On the CBN’s development function, Okoroafor 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”.

Meanwhile, the CBN has announced that it had commenced the processes for creation of 10 million jobs in the next five years through investment support in agriculture, using 10 commodity models.

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 or off takers who will buy off their farm products immediately after harvest. This will create the best value chain for everyone.

“If we face cassava for instance in the South East alone, we will create at least one million jobs here.

“Our intention is to bring back farm settlements across the country as it used to be in the past. That’s the easiest way of building our economy”, he said.

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