- CBN has adjusted timelines for reversals of complaints on electronic channels
- The move was aimed at further enhancing service quality
- Also, banks are directed to resolve the backlog of ATM, POS and web customer refunds within two weeks
The Central Bank of Nigeria (CBN) has adjusted timelines for reversals or resolution of refund complaints on electronic channels. This takes effect from June 8.
CBN director, corporate communications, Isaac Okorafor disclosed this.
According to him, the move was aimed at further enhancing service quality, particularly quick refunds when customers experience failed transactions, dispense error or dispute.
Hence, the reduced time frame are as follows:
When customers used their cards on their bank ATMs - Instant reversal.
Where this failed due to any technical issue - Manual reversal should not exceed 24 hours.
Failed ATM transaction where customers used their cards on other bank’s ATMs - 48 hours reversal.
Disputed and failed POS or Web transactions - 72 hours.
Meanwhile, Legit.ng had reported that in a bid to avert the looming economic recession as a result of the coronavirus pandemic, the Central Bank of Nigeria has cut its key interest rate to 12.5% from 13.5%.
Bloomberg reports that the new rate is the lowest in four years, citing CBN's governor Godwin Emefiele as saying that seven of the 10 members of the monetary policy committee voted for the cut.
Legit.ng gathered that the cut may have two effects; one, it may further stoke inflation and increase pressure on the naira; two, it could also help boost the economy which is facing pressure from the oil price crash and the coronavirus pandemic.
CBN has reduced interest rates on its facilities through participating Other Financial Institutions (OFIs) from 9% to 5% per annum for one year effective March 1, 2020.
The directive was reportedly contained in a circular issued by the apex bank on Wednesday, May 27.
The circular also announced that CBN intervention facilities obtained through participating OFIs – Microfinance Banks (MFBs), Primary Mortgage Banks, and Institutions, among others – will be given a further one-year moratorium on all principal repayments, also effective March 1, 2020.
Legit.ng had also reported that Nigeria's former vice president Atiku Abubakar advised President Muhammadu Buhari on the country's best way out of its present economic situation after slashing the budget by 0.6%.
The presidential committee on the impact of the coronavirus on Nigeria’s economy had earlier disclosed that the economy is facing serious challenges due to the COVID-19 pandemic.
Timipre Sylva, the minister of state for petroleum resources, said the Nigerian economy was not in the best shape due to falling oil prices caused by the coronavirus pandemic.
Atiku in a series of tweets posted on his Twitter page on Thursday, May 14, stressed that reducing the nation's expenditure is the best way out of this economic situation.
The presidential candidate of the Peoples Democratic Party (PDP) during the 2019 general election, further said that his counsel to the Nigerian government is to "put Nigerians first and cut your coat, not according to your size, but according to your cloth."
Atiku explained that the budget to run the presidency and legislature has to be downsized. This includes not buying luxury cars for the resident, his vice, or any other political office holder.
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