Central Bank orders banks to refund N65bn to Nigerians

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The Central Bank of Nigeria (CBN) has disclosed that it had ordered banks to refund N65billion to Nigerians.


The refund covered wrongful deductions and charges from customers’ deposits and other transactions in the last six years.

Acting Director, Corporate Communications, CBN, Isaac Okorafor, confirmed this on Wednesday at a fair with the theme: ‘Promoting Financial Stability and Economic Development’ for stakeholders in Asaba, Delta State.


“We have recovered and returned to customers over N65bn out of complaints by people over acts of treatment on customers, wrong charges, wrong deductions and others since 2012/2013 when we started,” he said.

The official, however, reiterated that the hawking of denominations of the naira was an offence punishable under the CBN Act of 2005.

He warned banks involved, particularly its staff members, to desist from the practice or face sanctions.