Ibrahim Tuggar of the Consumer Protection Department at the Central Bank of Nigeria (CBN) has outlined measures to curb hidden charges and promote transparency.
He spoke on customer responsibilities at a stakeholders’ meeting organised by the Nigeria Deposit Insurance Corporation (NDIC) on Saturday in Lagos.
He said the apex bank introduced a guide to bank charges to harmonise and standardise pricing across licensed institutions.
Tuggar said the framework aimed to strengthen financial stability and enhance public trust in the banking sector.
“The idea of having these charges is to harmonise and streamline fees across all financial institutions licensed by the CBN.
“For each section and institution, there is a guide on permissible charges to ensure transparency and foster confidence in the industry,” Tuggar added.
He said electronic transfers below N5,000 attract N10; between N5,000.01 and N50,000 cost N25; above N50,000 attract N50.
Tuggar said issuing or replacing an ATM card attracts a one-off N1,000 fee, while foreign currency credit cards carry a 10-dollar annual charge.
“For naira cards linked to current accounts, there is no maintenance charge. Savings-linked cards attract a maximum quarterly N15 fee,” he said.
He noted that most complaints now arose from electronic banking channels due to high digital transaction volumes.
On financial literacy, Tuggar urged Nigerians to live within their means, avoid unnecessary debt and make budget-based decisions.
He advised customers to save and invest wisely, shun unlicensed operators, monitor accounts regularly and use digital tools to track spending.
Tuggar outlined complaint procedures, advising customers to first lodge issues with their bank and obtain an acknowledged copy with a reference number.
He said banks should resolve complaints within two weeks in line with regulatory guidelines.
“If the bank delays or the customer is dissatisfied, the complaint can be escalated to the CBN’s Consumer Protection Department,” he said.
Tuggar stressed the importance of providing complete and accurate details when filing complaints with regulators. (NAN)
