The Central Bank of Nigeria (CBN) has announced that commercial banks operating in the country have refunded a significant sum of N7.05 billion and $714,569.03 to their customers. This development is a result of the CBN’s intervention and its commitment to protecting consumer rights.
The apex bank disclosed this information in its monthly bulletin, CBN UPDATE September Special Edition, which was published on its website. The announcement coincides with the first anniversary of Olayemi Cardoso’s tenure as the CBN Governor.
In a statement, the CBN revealed that within the past year, it has successfully resolved 15,306 customer complaints, representing 76.58% of the total complaints received. To ensure fair treatment, the bank facilitated refunds to customers who were involved in disputes with their financial service providers.
To maintain transparency and deter unethical behavior within the financial sector, the CBN has also implemented strict sanctions. These measures aim to create a more secure investment environment and attract foreign investment to Nigeria.
In addition to addressing customer complaints and facilitating refunds, the CBN has taken steps to strengthen the financial sector. The bank has introduced new minimum capital requirements for commercial banks and approved licenses for new financial institutions.
While the CBN has made significant progress in protecting consumer rights and enhancing the financial sector, the country continues to grapple with high inflation. Despite consecutive rate hikes by the CBN, inflation has remained stubbornly high, reaching 32.70% in September.
