CBN recovers N50bn excess charges from banks

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In a move to set banking industry on a transparency record with their customers, the Central Bank of Nigeria (CBN) on Wednesday  said it has recovered over N50 billion from banks in excess charges imposed on customers in the last three years.


The revelation was disclosed at the ongoing Abuja International Trade fair by the Acting Director of Corporate Communications at the CBN, Isaac Okorafor saying the apex bank was committed to ensuring that bank customers are not burdened with excessive charges from their banks.


According to the report, the said amount, has been returned to bank customers who suffered from these excessive charges.


Okorafor urged bank customers to go to the CBN website to see the approved charges required by banks.

Besides visiting the website, he advised the banking public to report excessive charges they feel their banks had imposed on them.


The CBN spokesman also said the apex bank has so far disbursed N43.92 billion to local farmers through the Anchor Borrowers’ Programme (ABP), an agricultural intervention programme initiated by the bank.


Okorafor said the programme was done in partnership with 13 participating financial institutions with over 200,000 small holder farmers from 29 states.

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