The Central Bank of Nigeria (CBN), has recovered N13 billion in the past two years being unlawful charges by the commercial banks across the country to customers.

This was disclosed by the bank’s director, consumer protection department, Mrs. Umma Aminu Dutse, at a press briefing organised on Monday by the bank’s Consumer Protection Department to mark the commencement of the consumer financial literacy awareness campaign in Enugu state.

Mrs. Dutse, who was represented at the occasion by the deputy director in the department, Mrs. Khadijah Kasim, also said the commission on transaction (COT) charged by the commercial banks has dropped to N2 per a thousand Naira, and would further drop to N1 before the year runs out, adding that the CBN is working towards achieving zero COT next year.

Dutse said the week-long programme would provide an avenue to engage and interact with members of the public in Enugu state for the purpose of creating awareness and promoting financial literacy.

The director said that an in-depth study of the crisis in the global financial market in 2008/2009 revealed that lack of consumer awareness was a key factor amongst others responsible for the near collapse of financial system especially in the banking sector.

She said:  “The unpleasant events in the global financial market in 2008/2009 are still fresh in our minds. As a direct consequence, the Nigerian financial system was virtually on the brink of collapse triggered by the global financial crisis.

Source: Leadership (by Mike Ubani)