CBN Threatens To Deal With Banks Engaging In Unauthorized Withdrawals From Customers’ Account
The Central Bank of Nigeria (CBN) has committed to take strong action against any bank that undermines monetary policies or engages in unauthorized withdrawals from customer accounts.
The Governor of the apex bank, Olayemi Cardoso, emphasized this pledge on Tuesday during a briefing with members of the House of Representatives in Abuja.
To ensure stricter oversight, Cardoso said certain departments within the CBN are being reinforced to enhance surveillance.
The CBN Governor stated that any reported instances of arbitrary charges and withdrawals from customers’ accounts will be thoroughly investigated and addressed with firmness.
“I want to assure you that I have no reluctance to wield the big stick, this is the time when people and entities that we regulate must comply, we must do the right thing.
“We will stop at nothing in wielding the big stick or hammer in ensuring that they do the right thing for the benefit of Nigerians,” he said.
According to his statement, if investigated, the apex bank will take action against any bank that is found to be lacking.
The Governor of the CBN clarified that the decision to relocate certain staff members and departments to Lagos state was made to improve efficiency and reduce costs, not for political reasons as some have claimed.
He explained that it made sense to move the Banking Supervision Department to Lagos, where all the banks have their headquarters, to facilitate easier and more effective monitoring.
This transfer, he said, was seen as a means to ensure that the bank’s skills are evenly distributed across its offices nationwide, enabling accurate data generation and prompt response to monetary issues.
Regarding the weakening of the Naira, Cardoso emphasized the importance of changing attitudes towards supporting local production, as this would benefit the domestic economy.
He highlighted that Nigerians spend an estimated N$40 billion on education and medical tourism, equivalent to Nigeria’s foreign reserves. He urged Nigerians to support local content to strengthen the Naira against the dollar and stabilize the economy.
