CBN Sends Warning to Access, GTB, Zenith, UBA, Others on Withdrawals From Customers’ Account

• The CBN has vowed to take strong action against banks engaging in unauthorised withdrawals from customers' accounts
• Governor Olayemi Cardoso promised to take its oversight functions more seriously and ensure sanctions
• Cardoso also spoke about the decision to move some departments of the CBN offices from Abuja to Lagos

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, has threatened sanctions on Nigerian banks that are found sabotaging monetary policies or guilty of unauthorised withdrawals from customers' accounts.

He stated this while briefing members of the House of Representatives in Abuja on Tuesday, February 6, 2024.

According to him, alleged indiscriminate charges and withdrawals from customers’ accounts would be investigated.

Read also

“Husbands don’t touch us at night because of heat": Rivers women protest over poor power supply

His words:

"“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."

CBN governor ready for more work

Speaking further on the redeployment of some members of staff and departments to Lagos state, the CBN boss explained that it was for efficiency, cost-saving purposes, and not for political reasons.

He stated that it was only wise to move the banking supervision department to Lagos state where all the banks have their headquarters for easy and efficient monitoring, Vanguard reports.

Read also

CBN governor appears before lawmakers, gives reasons for naira free fall

Cardoso emphasised that the transfer was a tool to balance the bank’s skills across its offices nationwide to ensure accurate data generation and response to monetary issues.

Access, GTB, others to debit customers' accounts

Earlier, Legit.ng also reported that the federal government instructed all Nigerian banks to debit customers with domiciliary accounts.

The debit was for old foreign currency transactions carried out between 2021 and 2023 by customers and would be remitted to the government.

Access Bank, GTB, UBA, Zenith, and other commercial banks have sent messages to customers to expect the debits.

Source: Legit.ng