CBN recovers N50bn banks’ excessive charges

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele

Central Bank of Nigeria (CBN) says it has recovered over N50 billion from banks, over the excessive charges on various accounts of their customers.

The apex bank’s spokesman, Isaac Okoroafor, announcing this, at the Abuja International Trade Fair, asks other aggrieved banks customers to report any excessive charge on their accounts to CBN offices, in their areas.

Okoroafor also said CBN had so far disbursed N43.92 billion through its anchor borrower programme to farmers nationwide, to boost Nigeria’s food security.

The CBN, according to him, is disbursing the intervention fund in partnership with 13 financial institutions to 200,000 smallholders farmers in rice, soya bean, maize, cotton, poultry, cassava, groundnut and fishing.

He explained that increasing rice cultivation under the programme has raised Nigeria’s yearly production level from two million metric tonnes to four million in 2016, against the national consumption level of six million metric tonnes.

With the anticipated bumper harvest this year, Okoroafor said the production level may hit six million tonnes, thus, making Nigeria self-sufficient in rice in 2018.

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