CBN Orders N19.12bn, $329.3m Refunds to Bank Customers After 23,129 Complaints in 2025
By Aboki Forex —
The Central Bank of Nigeria (CBN) ordered banks and other financial institutions to refund a combined N19.12 billion and $329.3 million to customers in 2025, after complaints from bank users climbed to 23,129 during the year. The figure represents a 10.53% rise from the 20,925 complaints recorded in 2024, according to the CBN's 2025 Annual Report.
Complaints rise as public confidence grows
The CBN linked the increase in complaints to greater public awareness and improved confidence in its complaint resolution process, rather than a decline in service quality. The report said: "The trend reflected increased awareness and improved confidence in the Bank's consumer complaint resolution process."
Transactions under dispute grew sharply. Local currency claims rose to N40.61 billion in 2025, up from N17.13 billion the year before. Foreign currency claims surged to $344.2 million from just $1.06 million in 2024.
Refunds and enforcement actions
Of the 23,129 complaints received, the CBN resolved 18,824, a 9.36% improvement on the 17,213 resolved in 2024. Refunds paid out more than doubled in naira terms, from N9.66 billion in 2024 to N19.12 billion. Dollar-denominated refunds jumped from $0.67 million to $329.3 million.
Beyond refunds, the CBN toughened enforcement against institutions that fell short of regulatory expectations. The bank issued 11 penalties totalling N1.26 billion for infractions ranging from regulatory breaches to failure to respond to official queries. A further 21 penalties worth N430 million were handed down for delays in resolving customer complaints and non-compliance with CBN directives. Together, the sanctions added up to N1.69 billion.
The report noted: "During the review period, the Bank imposed 11 penalties on financial institutions totalling N1.26 billion for infractions ranging from regulatory breaches to failure to respond to regulatory queries."
What this means for consumers and the naira
The sharp increase in dollar-denominated claims and refunds underscores growing FX-related disputes in the banking system. For consumers, the CBN's willingness to order refunds and impose penalties signals stronger protection for bank customers. However, the rising volume of complaints suggests that service delivery and dispute resolution remain key challenges for Nigerian financial institutions.