By Femi Emmanuel
Nigerians have continued to voice their frustration over the incessant and compulsory deductions of various charges by commercial banks, describing the trend as exploitative and harmful to public trust in the nation’s financial system.
Many customers have accused banks of arbitrary deductions on virtually every business transaction, a development they attribute to operational irregularities and weak oversight by the Central Bank of Nigeria (CBN).
The CBN, established to issue legal tender, preserve currency value, maintain external reserves, ensure monetary stability, and regulate financial institutions, has been criticized for failing to enforce transparency and accountability in the banking sector. Stakeholders argue that the regulator’s inability to address these excesses has eroded confidence in Nigeria’s financial system.
Although the CBN operates under the authority of the Federal Government, critics insist that the government cannot claim ignorance of these incessant deductions. The situation has triggered widespread public outcry, with Nigerians urging authorities to urgently review banking policies to protect customers from what many describe as “legalized extortion.”
While some Nigerians acknowledge the inevitability of certain transaction charges, they insist that the government must improve public awareness about financial policies. They argue that sudden changes without adequate sensitization leave citizens in confusion and deepen distrust in the banking sector.
Economic analysts warn that the incessant charges, coming at a time of economic hardship, have worsened the plight of ordinary Nigerians. They stress that excessive deductions not only weaken the credibility of banks but also signal poor monetary policy direction.
Observers are now calling on the Federal Government to mandate the CBN to urgently review existing policies to ensure bank charges remain within reasonable limits. They also recommend that banks provide clear explanations for every deduction made, as a way of restoring public confidence in the financial system.
“The government must create an enabling environment where banking services are fair, transparent, and accountable,” one financial analyst noted. “This will go a long way in rebuilding the trust Nigerians once had in the banking sector.”
For now, Nigerians continue to demand a lasting solution to what they consider an exploitative practice that undermines financial inclusion and discourages savings.
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