CBN processes 10,003 complaints against Nigerian banks, financial institutions in seven years – Official

Central bank of Nigeria

The Central Bank of Nigeria, CBN, on Monday said it successfully processed no fewer than 10,003 complaints against commercial banks and other financial institutions from 2010 to date.

Fada Banon of CBN’s Consumer Protection Department said this at a two-day financial literacy sensitisation campaign organised by the bank for farmers, artisans and other small-scale entrepreneurs in Jigawa.

“We have between 2010 to date processed 9,600 and 403 complaints against commercial banks and other financial institutions across the country respectively.

“We successfully processed these complaints that resulted in the refund of over N51 billion, $17.5 million, €24,800 as well as £6,000,” he said.

Mr. Banon added that the CBN was also developing a national financial literacy framework which defined a strategy for deploying financial literacy programme.

“The CBN has developed and now implementing a national financial literacy framework which defines a strategy for deploying financial literacy programmes across different target groups through multi stakeholder approach.

“We are also developing a consumer protection framework to improve the conduct of financial services providers,” Mr. Banon said.

Yusif Jonathan, CBN’s Development Finance Department, urged Nigerians to respect the local currency just like they respect the National Anthem.

“So, we should give similar respect to our Naira. If you are given dollar now, you will touch your pocket twice before you get out of this hall just to ensure that it is still there, do same to Naira,” he said.

He urged Nigerians to stop spraying the naira during wedding ceremonies and other social gatherings.

“We should also stop stepping on our currencies during such ceremonies. If you want to give musicians, put the money in an envelope and hand it over to them or anyone you wish to give,” he said.

He also educated the participants on how to identify fake currency through feeling, tilting or looking at one of its basic security features.

Mr. Jonathan also urged Nigerians, particularly market women, to respect the Naira by handling it properly and respectfully.

The theme of the campaign is “Financial Stability and Economic Development”.



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