Comprehensive insights into Nigerian banking laws, BOFIA 2020, Central Bank of Nigeria (CBN) monetary circulars, electronic transfer reversals, and financial customer dispute resolution.
No. Banks are prohibited by the Central Bank of Nigeria from imposing new charges or increasing existing fees without providing customers with...
Not entirely. While banks have KYC (Know Your Customer) obligations requiring address verification, the Central Bank of Nigeria has created a tiered...
No. Nigerian commercial banks are strictly prohibited from freezing or placing a Post-No-Debit restriction on a customer’s account based solely on a...
Yes. Bank customers have a legal right to sue their financial institution for breach of contract and claim damages when failed POS...
Yes. Refusing to accept valid Nigerian Naira notes or coins in settlement of a lawful debt or transaction is a criminal offense...
No. An ATM card is the property of the issuing bank, and retaining another person’s card constitutes unlawful detention of property. Under...
No. Penalizing a customer with an account freeze due to internal bank operational delays constitutes a breach of contract. Under Nigerian law,...
You must notify the bank in writing immediately and never spend the money, as spending mistakenly credited funds amounts to criminal conversion....
No. Restricting access to customer funds indefinitely without a court order or documented regulatory directive violates CBN guidelines. Under Nigerian law, rights,...
No. Under Central Bank of Nigeria (CBN) regulations, failed electronic transactions must be reversed within 48 to 72 hours, failing which the...
