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Complaints: Banks Refunded Customers N89. 2bn in June, Says CBN

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Nigerian commercial banks refunded N89.2 billion to bank customers over complaints as of the end of June 2021.
Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), disclosed this, Thursday during a CBN Fair held simultaneously in Cross River and Akwa Ibom with the theme “Promoting financial stability and economic development”.

Represented by Mr Osita Nwanisobi, Acting Director, Corporate Communication at the CBN, the governor said the cumulative number of complaints from customers of banks as of June was 23,526 while 22,173 were resolved.

He explained that  the fair became necessary to create awareness on CBN interventions and how it was impacting on the lives and businesses of the people.
The CBN governor recalled that whe he 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.”

On the issue of digital currency, Emefiele asserted that Nigerians needed to understand that crypto currencies are issued by unknown entities without regulations.

He clarified that the digital currency which CBN plans to issue would be regulated by the apex bank and can be used for Nigerian’s monetary policy.

In his remarks, Mr Daramola Atanda, Head, Consumer Protection Department at the CBN, noted that Nigerians must know their rights as customers and report cases of violations to the CBN on 07002255226 or cpd@cbn.gov.ng.

Atanda however asked bank customers to be responsible as there were issues that were in their own purview; such as understanding the package given to them by a bank.

He also appealed to customers to ensure they repay their loans and also protect their financial instruments such as their debit cards and others.

 Mrs Amina Abdulmalik of the Currency Operations Department of the CBN, who spoke virtually from Uyo, urged Nigerians to handle the Naira with care as it was a national pride.

She said: 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.”

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