CBN recovers N65b illegal bank charges

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CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN)  said it has recovered over N65 billion  wrongfully deducted and illegal charges from customers’ deposits and other transactions within the banking system.

The cash, it said, was recovered from commercial banks and had since been refunded to the affected customers.

Acting Director of Corporate Communications at the CBN, Mr. Isaac Okorafor disclosed this in Asaba  yesterday on the sidelines of a two-day fair with the theme: Promoting Financial Stability and Economic Development for stakeholders in Delta State.

He said: “We have recovered and refunded to customers over N65 billion out of complaints by people over acts of treatments on customers, wrong charges, wrong deductions and others since about 2012/2013 when we started.”

Okorafor said hawking of various denominations of the naira is an offence punishable under the CBN Act of 2007, and specifically warned staff of the apex bank involved in the act to desist from it as they will be dismissed if caught.

He, however, blamed the police for the lack of prosecution of offenders  caught hawking naira during various raids in Lagos, Port Harcourt, Onitsha, Ibadan and other cities.

Okorafor said: “The CBN is  committed to making sure that people do not hawk the naira, because it is an offence punishable under the CBN Act of 2007. We have made it clear to any of our staff involved in the practice that they will be dismissed. We have also made it clear to banks that any of them caught doing it will be severely punished. We are regulators and not law enforcement agencies. It is the duty of the Nigerian police to enforce the law. We have collaborated with them at different times.


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