Consumer Protection: CBN refunds N77 billion, $21 million to aggrieved customers

The Central Bank of Nigeria (CBN) says the worth of money refunded to bank customers as at November 30 stood at N76.75 billion and 20.90 million dollars.

Mr Kofo-Abdulsalam Alada, the Director, Consumer Protection Department (CPD) of CBN, said this at a workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN), on Thursday in Yola.

Alada, represented by Mr Tyoden Nanfwang of the CPD, said the refund from several banks arose from various financial related complaints.

According to him, the refund is in line with the mandate of the department of the bank to promote consumer confidence in the financial system.

Highlighting some achievements of the department, the director said they had resolved no fewer than 16,263 complaints against banks from 2012 to November 30.

“Cumulative number of complaints against Other Financial Institutions (OFIs) that were resolved or closed from 2012 to the end of November 2019 is about 257.

“We resolved over 13,000 complaints, obtained refunds of N76.75 billion, 20.90 million dollars, among others to bank customers as at November 30,” he disclosed.

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