CBN recovers N50bn excess charges from banks

…urges customers to report banks charging above recommended charges

The Central Bank of Nigeria (CBN) said on Wednesday it has recovered over N50 billion from banks in excess charges imposed on customers in the last three years.

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

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

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

Besides visiting the website, Okorafor 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.