CBN Orders Banks To Refund Excess Charges

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRNmF1Ew5xTy3oP1ci_X7Kspguh3TX344PJ8SCorGK2diFtiqK6A-0-XZTNDNrWq5uIQSye4CqF3uoOhwHpvc8gryg0V5EjXAggiR7cJU-RYDvaNrPvclup8S0Oy7_N6puYQ-C5tz9YH2S/s1600/coougist+cbn.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRNmF1Ew5xTy3oP1ci_X7Kspguh3TX344PJ8SCorGK2diFtiqK6A-0-XZTNDNrWq5uIQSye4CqF3uoOhwHpvc8gryg0V5EjXAggiR7cJU-RYDvaNrPvclup8S0Oy7_N6puYQ-C5tz9YH2S/s1600/coougist+cbn.jpg"></a></div> The Central Bank of Nigeria has ordered Deposit Money Banks to refund illegal fees charged customers over a period of one year.<br><br>The order, contained in a circular dated June 12, was signed by the Director, Financial Policy and Regulation Department, CBN, Mr. Franklin Ahonkhai.<br><br>Specifically, the central bank said some banks had been overcharging customers on the Commission on Turnover in the last few months, while some lenders had also imposed illegal maintenance fees on the CoT-free accounts.<br><br>The CBN gave all the DMBs 30 days to refund the excess charges or face severe penalties.<br>

CBN Orders Banks To Refund Excess Charges

The Central Bank of Nigeria has ordered Deposit Money Banks to refund illegal fees charged customers over a period of one year. The order,...

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