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The Central Bank of Nigeria (CBN) has recovered a total of N65 billion commercial banks in the country, being the amount of false fees and deductions from customer deposits. The apex bank said that the false charges were brought from 2012 to the present day and that this contravened its directive.
Clients who complained of unjustified accusations and deductions from commercial banks, according to Isaac Okorafor, CBN Acting Director of Communications, have since been reimbursed.
CBN's previous commercial bank warnings
As a result of multiple bank customer complaints of illegal deductions, CBN, on May 1, 2017, established a guideline on charges that should be followed by banks and other financial institutions.
The central bank had warned, on May 9, 2018, that banks would illegally deduct funds from their clients' accounts for goods and services, and that these would be repaid with interest.
How to Avoid These Fees
] David Fada, Consumer Complaints Management, Consumer Protection Department, CBN, also encouraged bank customers to pay fees approved by Apex Bank. According to him, it is necessary for bank users to read the Bank Guide circular on bank charges to find out what fees their banks may have charged and the exact amount.
In the same vein, Oludamola Atanda of the Division of Consumer Education, The Department of Consumer Protection, CBN, enjoined bank customers to request their account statements every month. In doing so, there is transparency about the transactions made in the individual accounts.
David also said that part of the disciplinary action for accusations and wrongful deductions is to ensure that banks wishing to repay these sums with interest
. the guide, the commercial bank fees include the account maintenance fees, stamp duty, turnover commission, SMS alerts, current account maintenance fees, home withdrawals, bank drafts, fees and charges. Purchase and sale of treasury bills, interest on deposits, among others.
The Senate also decided in January 2018 to probe illegal fees and deductions from client accounts by the country's banks. According to the legislators, this was to "proactively protect the rights of customers, eradicate the payment of interest and terminate the culture of excessive and arbitrary bank charges; these measures if taken, will avoid the future occurrence. "
About CBN
The Central Bank of Nigeria (CBN) was established in 1958 and serves as an official banker to the government and, as part of its duties, oversees the operations of the financial institution. In the country, his duties include ensuring monetary stability and price stability, issuing legal foreign exchange and maintaining external reserves to preserve the international value of the legal tender.
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