Abeokuta — The Central Bank of Nigeria has disclosed that it had assisted financial consumers to recover over N9billion illegal charges by banks in the last one year in pursuance of its consumer protection mandate.

The apex bank, explained that it was able to recover the N9 billion through its Consumer Protection department, following litany of complaints from consumers of various commercial banks in the country.

The Controller of CBN in Abeokuta, Olumuyiwa Joawo, who stated this at a Consumer Sensitisation Workshop organised by the apex bank in the state capital, added that, the CBN had put mechanism into place and investigated the complaints which led to the recovery of the N9 billion excess charges.

Joawo further explained that the CBN in a bid to prevent recurrence of excess charges had recently reviewed and published a new guide to bank charges which according to him, took effect in April, adding that, "the document is available on request."

The controller therefore noted that the development had continued to enhance consumer trust and public confidence in the economy, saying, "certainly, this will result in a more vibrant and successful economy and will also improve the living standard of Nigerians."

In his address, the Deputy Governor (Financial System Stability), CBN, Dr. Kingsley Moghalu, explained that the programme was in furtherance of the National Financial Inclusion Strategy which placed high priority on financial literacy.