CBN to fine banks  N2m  for excessive charges on customers  

To guard against excess, unapproved or arbitrary charges by banks and other financial institutions, the Central Bank of Nigeria (CBN) has said that any bank that charges customers above approved thresholds will pay a N2 million fine per infraction.

In clarification on Tuesday morning, CBN noted that its Guide to Bank Charges stipulates a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide.

“The guide also emphasizes that failure by any bank to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily.