Nigeria’s apex bank, the Central Bank of Nigeria (CBN), said it received more complaints from dissatisfied bank customers in the first half of 2018 compared to the same period last year.

According to the disclosure, which is contained in the CBN’s half-year 2018 economic report, a total of 1,439 and 2,451 complaints were leveled against banks and other financial institutions operating in the country, respectively.

Note that this is more than the 1,141 and 1,270 complaints that were made against banks and other financial institutions during the comparable period of H1 2017.

“A total of 1,439 and 2,451 complaints against banks and other financial institutions were received and resolved, respectively, in the first half of 2018, compared with 1,141 and 1,270 received and resolved in the corresponding period of 2017.” – CBN

But there are some positives

According to the CBN report, a recent compliance examination conducted on the financial institutions showed that twenty one banks were one hundred percent (100%) compliant to the official maintenance charges for savings and current accounts. In the same vein, the unnamed twenty one banks complied with outward telegraph/SWIFT. Also, whenever there was need for it, the banks were 100% compliant to the validation of refunds.

The banks were, however, less complaint as far as full implementation of earlier directives given by the regulator after the last examination of the companies’ compliance rates. Similarly, the banks were less adherent “to interest rate on executed offer letters, application of SMS charges and treatment of outstanding complaints.”

On how it ensured liquidity and stability in the market

Meanwhile, the CBN also noted how it continued to intervene at the inter-bank BDC segments of the foreign exchange market, including how it increased the frequency of sales to BDCs. This, the report said, was done with the intention of ensuring liquidity and stability in the market.

“To boost liquidity and facilitate trade and investment, the Bank signed a 3-year bilateral currency swap agreement with the Peoples’ Bank of China (PBoC), worth 15 billion yuan (N720 billion), equivalent to US$2.5 billion. Average exchange rate of the naira to the US dollar, at the inter-bank and BDC segments, appreciated by 0.03 and 0.5 per cent, respectively, to N305.79/US$ and N362.25/US$, relative to the levels in the second half of 2017. The average exchange rate at the Investors’ & Exporters’ Window was N360.61/US$ in the first half of 2018.”

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