Nigeria: CBN Directs Banks to Refund Excessive Charges

12 July 2012

The Central Bank of Nigeria (CBN) has said that banks would be made to make refunds to the customers in situations where there is evidence of over-charges on their customers.

It added that such financial institutions deemed to have over-charged customers should in extreme cases be penalised in accordance with the law. The apex bank's stance follows a growing public outcry over banks hidden charges, high commissions as well as interest rates in the industry.

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