Banks to return illegal deductions to customers with interest


The Central Bank of Nigeria (CBN) has said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest. Mr Fada David, Consumer Complaints Management, Consumer Protection Department, CBN, said this in an interview with the News Agency of Nigeria […]

CBN promises further drop in inflation

Nigeria Consumer News

Nigeria’s Central Bank Governor, Godwin Emefiele said on Friday he expected inflation rate to fall at a faster pace and hit high single digit rates mid-next year. Speaking on a sideline of an investment conference at the London Stock Exchange, Emefiele said he was very optimistic that food prices would come down and as they […]

CBN to extend BVN to microfinance

Nigeria Consumer News

The federal government has asked the Central Bank of Nigeria to extend the requirement for the Bank Verification Number (BVN) to account holders in microfinance banks. Kemi Adeosun, Nigeria’s minister of Finance, said this in a letter to the CBN governor, Godwin Emefiele. She said the extension would help identify bank accounts which might have […]

Don’t patronise banks not insured by NDIC – CBN

The Central Bank of Nigeria (CBN) warns Nigerians to be careful of any deposit money institution not insured by the Nigeria Deposit Insurance Corporation (NDIC). The bank gave the warning through its acting director of corporate communications, Mr Isaac Okoroafor, yesterday, following proliferation of wonder banks in the country in recently. The warning by the […]

CBN targets N200 per dollar parallel market rate

The Central Bank of Nigeria (CBN) is targeting a N200 to dollar exchange rate in the parallel market,The Nation has learnt. The naira which yesterday traded at N330 to dollar in the parallel market is expected to appreciate speedily, as the impact of the CBN’s measures to stabilise the currency volatility in the parallel market […]

BVN registration continues- CBN, NIBSS

The Bank Verification Number (BVN) registration will still go on despite the expiration of the deadline on Saturday, October, 31, the Central Bank of Nigeria and the Nigerian Inter-bank Settlement System (NIBSS) have said. The Managing Director of the Nigerian Inter-Bank Settlement System (NIBSS) Mr Ade Shonubi  told Daily Trust reporter also that the BVN is […]

Banks Set To Deactivate Unregistered Accounts as BVN Registration Expires Today

Banks in Nigeria are set to deactivate unregistered accounts as BVN registration expires today. The Central Bank of Nigeria has ruled out possibility of extending the deadline for Bank customers that are unable to obtain their bank verification numbers (BVNs) before the close of business today, Friday. These customer would not be able to operate […]

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