Senate Thursday resolved to probe the alleged illicit and excessive charges by the commercial banks imposed on their customers.
The upper chamber also mandated committees on banking, Insurance and other Financial Institutions and Finance to summon the Governor of the Central Bank, Godwin Emefiele to appear before it for explanation.
It affirmed that Emefiele would explain why the official charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks.
Also, it urged CBN to suspend the ATM Card Maintenance Charges being deducted from customers account pending the outcome of the investigation.
This development followed a motion by Senator Olugbenga Ashafa representing Lagos East.
In his lead debate, Ashafa pointed out that there have been several complaints from Nigerians about the excessive charges by Nigerian commercial banks.
He explained that CBN in 2017 increased the maintenance fees charged by banks in debit and credit card maintenance from N100 a year to N50 per month (N600) a year as contained in its “Guide to Charges by banks and other financial institutions
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