The Central Bank of Nigeria has said that it has recovered and returned to customers a total of N5bn wrongfully taken from depositors by banks operating in the country.
The Deputy Governor, Financial Services, CBN, Dr. Kingsley Moghal, told the Senate Committee on Banking, Insurance and other Financial Institutions on Tuesday, that there had been a crisis of confidence between banks and their customers regarding charges on deposit.
He said, "In the next few years, between now and 2015, we will be focusing on consumer protection. There are ranges of bank charges that are acceptable. As i speak with you, we have recovered from the banks N50bn as wrong charges, which have been returned to Nigerians."
Osheyyyyy!
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