Yes, I make bold to say it: the Central Bank or in fact, the Central 'Blunder' of Nigeria is at the top of the game being played by the Nigerian Commercial Banks.

Why do I have to say so? It is no longer news that bank customers are forced to lose huge amount of money to the banks, what is news is that the apex bank knows this and covers their track.

This can be found in the laws and guidelines being dished out by the central bank any time they like. So many people will be jubilating that the Guide, which replaces the Guide to Charges by Banks and Other Financial Institutions issued in 2017, takes effect from January 1, 2020. Hmmmm! This means that the stealing continues till 2020!!!

Yea, the apex bank said it may be reviewed from time to time to reflect changes in the business environment, but cannot force it the moment it was made. Remember the last time we rushed to make POS transactions and the news we got: "that the CBN instructed a hike for any transaction". It did not take days before every operator adjusted to that hike. We later heard the order was reversed on voice news, yet the status quo remained.

Now, the CBN has asked banks to charge a maximum of N1 per million for customer induced debit transactions to third parties and transfers or lodgements to the customers’ account in other bank on current accounts only, but till 2020....

Pegging the Advance Payment Guarantee to a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities is welcome, where the current Nigeria Instant Payments charges for the use of Unstructured Supplementary Service Data will attract a charge of N100 per N20, 000 subject to cumulative N60, 000 daily withdrawal.

According to the guidelines, cards linked to savings account, have its maintenance fee reduced to a maximum of N50 per quarter from N50 per month, amounting to N200 per annum instead of N600 currently being charged by banks. Customers deserve more....

Removing charges for reactivation or closure of accounts such as savings, current and domiciliary accounts was long overdue. But it allowed a N500 charge per request on a status enquiry at the request of the customer such as confirmation letter, letter of non-indebtedness and reference letter.

Account maintenance fee would be applicable only to current accounts in respect of customer-induced debit transactions to third parties and debit transfers/lodgements to the customer’s account in another bank.

The series of charges being imposed on the customers' accounts by banks are enormous and the CBN that would have fought against this is a partner in this broad day light robbery. Imagine the list of subsisting bank charges: ATM card maintenance charge, which attracts over N50 monthly, Account Maintenance fees, which vary with volume of transactions, while an SMS notification fee of about N200/month, with multiple token maintenance fees are charged on all customer accounts.

It is very hard for these banks to reward their customers these days with just a little monthly interests in their savings accounts. The worst is bank deposits charges being deducted after lodgment, even when the money has not gotten to its destination account.

For the past five days now, lodgements and transfers to another account is said to be hanging in the air. The network that hung that money was not able to hang the N52.50 from being deducted from the source account. The banks are truly scamming us...!

A friend of mine transfered money on the 20th of December to his younger one. The money is meant to settle his mother's hospital bill. Till this moment as I am typing this, that money has not been received. Another alternative was applied to get his mother out of hospital.

Do you see how bank customers are made to suffer at various ATM stands just to collect their own money? Many of the machines are not dispensing any money...!

It is high time the CBN puts up a listening ear and hear the cry of the masses and review the activities of these banks, Other Financial Institutions and non-bank financial institutions, so as to align with market developments and alleviate customer sufferings. The Apex Bank should equally cleanse itself of policies that that anti-bank customer friendly. Until this happens, Nigerians and indeed the whole world will always see the apex bank as corrupt and lacking in will power as bank of last resort...


`

Amazing piece and analysis. Unfortunately,this is not the right channel to display your grievances because CBN Governor is not on nairaland.

Perhaps this article on any national newspaper will pass the message to the appropriate authorities.

But I love the write up.