The Central Bank of Nigeria has ordered all commercial banks in Nigeria to refund a total of 65billion naira of wrongful deductions from Nigerian accounts to them.

This was made known by the acting director, corporate communications, CBN, Isaac Okafor, at a fair with the theme: Promoting Financial Stability and Economic Development, which was held in Asaba, Delta State.

According to the CBN acting director, he said the bank was able to recover N65bn because of the complaints of the people over acts of treatment on customers, wrong charges, wrong deductions and others since 2012/2013.

He also noted that the hawking of denominations of the Naira is an offense punishable under the CBN Act of 2005, and he warned banks involved especially its staff members to detest from the practice or face sanctions.

Isaac Okafor said “The CBN is very committed to making sure that people do not hawk the naira because it is an offense punishable under the CBN Act of 2005. We have made it clear to any of our staff involved in the practice that they will be dismissed.


“We have also made it clear to banks that any of them caught doing it will be severely punished. We are a regulator and not a law enforcement agency. It is the duty of the Nigerian Police to enforce the law. We have collaborated with them at different times.


“We have had raids in Lagos, Port Harcourt, Onitsha, Ibadan and so on, and we will continue to do that, and people have been caught and money confiscated. We are waiting for the police to begin to prosecute those people.”



Follow Mobizone