Central Bank of Nigeria (CBN) Refunds N115.45 Billion to Customers for Failed Transactions in 10 Years

According to the Central Bank of Nigeria (CBN), a staggering 35,453 customer complaints concerning failed transactions have been reported over the past decade. 

The CBN has taken action by refunding approximately N115.45 billion and over $22.7 million to customers of various commercial banks in Nigeria during this period. These revelations were made by Elachi Samuel, an official from the CBN's Consumer Department, during a presentation at a sensitization fair in Bauchi State.

Samuel emphasized the CBN's commitment to protecting consumers and ensuring their trust in the financial system. Since the establishment of the Consumer Protection Department in 2013, a total of 35,453 complaints have been received, out of which 33,437 have been successfully resolved. The refunded amount to customers reached N115.45 billion, in addition to $22,794,184.87.

In light of these findings, Samuel urged bank customers to first report their disputes to their respective financial institutions for prompt resolution before resorting to lodging complaints with the CBN. This approach aims to expedite the process and provide faster resolutions for affected customers.

Isah AbdulMummin, Director of the Corporate Communications Department at the CBN, highlighted that the fair served as an opportunity for the bank to engage with the public and discuss its policies and strategic interventions. He stressed the importance of currency availability while urging citizens to respect and preserve the integrity of the naira, cautioning against practices such as spraying, hawking, mutilating, or counterfeiting the national currency.

The CBN has assured customers of its continued support and commitment to addressing their concerns and ensuring a reliable and secure banking experience.