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The consumer protection department of the CBN has disclosed that over 6,000 customers have received funds illegally deducted from their accounts by banks.

According to Thisday, the CBN stated that due to complaints by bank customers, they have refunded N26.998 billion to the affected persons as at April 2016.

CBN governor, Godwin Emiefiele

Meanwhile, the NLC has commended the federal government for ordering the immediate suspension of the on-going retrenchment in the banking sector.

NLC’s vice president, Comrade Isa Aremu, who spoke at the recent CBN stakeholders engagement meeting in Lagos, hailed the decision of the government

 “Very importantly one critical discussion that came up is the issue of job lay-offs in the banks and we use this opportunity to commend the ministry of labor for intervening and asking the bank to stop the ongoing lay-offs in the sector. And we have also called on CBN to use moral suasion to encourage the commercial banks,” Aremu said.

Speaking on the naira devaluation debate, Aremu said: ”We have been together with CBN in terms of resisting the pressure to devalue the naira and we are happy that CBN under the leadership of Governor Godwin Emefiele has stood the ground to protect the naira.

”There were debates about the value of the naira and NLC has insisted that as a country that is import dependent, we don’t benefit anything from devaluation and above all, any devaluation would erode the purchasing power of workers.

”We are happy that the CBN has kept to that fit in with the broad policy of the CBN as we’ll as the administration. We also needed clarification on what this flexible exchange rate means for us and he said the modalities are still worked out. But the bottom line is that it would not do prejudice to the value of the naira.

”We find the program very useful especially in development financing. It is very refreshing to know that CBN is intervening in energy sector, agriculture, aviation, textile were all our members have their jobs. And what CBN is doing to think outside the box because if you leave everything to market forces, most of these sectors cannot draw the kind of lock and funding that they need.”

Baring his mind on the issue of interest rates,  Aremu said: ”Also we also said that the next monetary policy meeting, they have to re look at this interest rate.

”The monetary policy rate is about 12 per cent with others in the double-digit. It is time for CBN to know that we cannot run the real sector of the economy when the cost of funds is very high.”

The acting director of communication at the CBN, Isaac Okoroafor, who spoke on the mass retrenchment in the banking sector, said: “The issue of job security across the country is a general issue, it is not about one industry and it is a about what our laws are saying, It is about our industry policy and what it is saying and it is in collaboration with both the ministry of labour and other stakeholders I think a solution would be found.”

Meanwhile, minister of transportation, Rotimi Amaechi, has disclosed that the federal government has concluded plans to establish a shipping line.
Amaechi made the revelation while delivering a keynote address he delivered at the 14th Maritime Seminar for Judges organised by the Nigerian Shippers’ Council in collaboration with the National Judicial Institute.
4:55 PM

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