Business

Bank Customers Get N115bn, $22.7m Refunds From Failed Transactions In 10 Years

Published

2 years ago

July 8, 2023

The Central Bank of Nigeria, CBN, says customers of Deposit Money Banks have received N115.45 billion and $22.7 million, respectively, as refunds from failed transactions in the last ten years.

Elachi Samuel, an official of the Consumer Protection Department of the CBN, disclosed this in his presentation at a sensitization fair in Bauchi on Friday.

Samuel, while speaking on the theme, ‘Promoting alternative payment channels as tools for financial inclusion’, explained that in the quest to ensure customers’ safety in the financial sector, CBN had pursued several complaints to a logical conclusion.

He added that the country’s apex bank would continue implementing policies to protect consumer transactions in the financial sector.

“Since establishing the Consumer Protection Department of the Central Bank of Nigeria in 2013 till May 2023, we received 35,453 complaints relating to failed bank transactions. Out of these complaints, we resolved 33,437.

“During this period, the sum of N115.45bn was refunded to customers. The sum of $22,794,184.87 was also refunded to customers”, he stated.

However, DAILY POST learnt that Nigerians have continued to lament some commercial banks’ inability to make refunds from failed transactions.

Business

NNPCL Increases Fuel Price

Published

4 days ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

4 days ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

1 week ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.