Nigerian banks to return N6.2 billion charges made against customers

    The Central Bank of Nigeria compelled banks to refund overcharged fee to the tune of N6.2 billion  made in 2015 back to customers.

      In a statement made by the Director Corporate Communications, of CBN, Ibrahim Mu’azu“The Revised Guide to Bank Charges clearly specifies allowable charges for all banking services; the CBN does not in any way condone the fleecing of banking customers under any guise. CBN has investigated over 6,000 complaints relating to unauthorised bank charges brought to its notice, following which banks have been compelled to refund N6.2 billion to affected customers in 2015 alone.

“The CBN wishes to reiterate its resolve to continuously enforce the provision of the Revised Guide to Bank Charges and urges members of the public to report cases of infringement to enable it investigate and apply sanctions on any erring DMB”