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CBN Says N89bn Was Refunded To Customers By Banks, Claims To Monitor All Banks’ Activities

CBN Says N89bn Was Refunded To Customers By Banks, Claims To Monitor All Banks’ Activities

Dr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), announced on Thursday that commercial banks reimbursed N89.2 billion to customers due to complaints.

Emefiele made the revelation at a Central Bank Fair hosted in Cross River and then in Akwa Ibom. He titled the program “Promoting financial stability and economic development”.

The governor, represented by Mr. Osita Nwanisobi, Acting Director, CBN Corporate Communication Department, said that as of June, 23,526 bank complaints were made and 22,173 of them, have been resolved.

The fair, he says, was needed to raise awareness of CBN actions and their impact on people’s lives and companies.

He said, “When the CBN governor assumed duty as the 11th governor of the apex bank, he made a profound statement that he wants a people-centered CBN and you cannot have that if you do not engage.

“Also, CBN has about 37 targeted interventions which include The Targeted Credit Facility, Health Sector Intervention, Commercial Agric Credit Scheme, Nigerian Electricity Market Stabilisation Fund and others.

“In addition, we want to use this opportunity to build the confidence of Nigerians that the nation’s financial institutions are resilient, stable, and safe.

“Nigerians have nothing to fear as the CBN carries out a periodic examination of the banks”.

Concerning the CBN’s digital currency issue, the governor stated that cryptocurrencies are issued by unregulated unknown companies.

Read More: CBN Governor; Godwin Emefiele Promises A Better Deal For Nigerian SMEs

He stated that the CBN’s planned digital currency would be regulated by the Central bank and utilized for monetary policy.

Mr. Daramola Atanda, Head of the CBN’s Consumer Protection Department, highlighted that Nigerians must be aware of their rights as consumers and report any infractions to the CBN at 07002255226 or

Atanda advised bank clients to be informed, like matters like understanding a bank’s package were in their hands.

He also urged users to repay loans and preserve financial instruments like debit cards.

Mrs. Amina Abdulmalik, of the CBN’s Currency Operations Department, urged Nigerians to treat the Naira with respect as national pride.

“Our Naira notes are supposed to last for about two years after printing but due to poor handling, some of them do not last for more than three months,” Mrs. Amina complained.

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