The Central Bank of Nigeria (CBN) has announced that, through its intervention, Nigerian banks refunded approximately N7.05 billion and $714,569 to customers. This disclosure was made in the CBN’s September bulletin, marking the first anniversary of Governor Olayemi Cardoso’s leadership. Under Cardoso, the bank resolved nearly 20,000 customer complaints in eight months, focusing on consumer protection and ensuring fair treatment within the financial sector. Additionally, the CBN enforced stringent sanctions to enhance transparency and discourage unethical practices among financial institutions.
The bulletin also highlighted the CBN’s intensified efforts to address Nigeria’s greylisting by the Financial Action Task Force (FATF) for insufficient anti-money laundering and counter-terrorism measures. Since October 2023, the CBN has heightened its supervision of local and international banks, aiming to improve Nigeria’s standing in the global financial community. Among other reforms, the CBN introduced new capital requirements for banks, set at N500 billion for international banks, N200 billion for national banks, and N50 billion for regional banks. The bank also granted various licenses and approvals to promote financial diversity and inclusion, including the licensing of 16 new microfinance banks.
On the economic front, the CBN has been combating high inflation, which rose to 32.7% in September 2024, despite six consecutive hikes in the monetary policy rate since February 2024. Although inflation saw a brief decrease in July and August, recent data from the National Bureau of Statistics shows a resurgence. The CBN’s aggressive stance on inflation control demonstrates its commitment to stabilizing the economy and restoring investor confidence.
