Nigeria’s dysfunctional banks | The Guardian Nigeria News - Nigeria and World News

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On a Thursday I went to one of the branches of a Bank to carry out a transaction on one of the accounts of our law firm. This particular account was opened about 17 years.

And since the opening of the account, our law firm has been successfully operating without any hitches or hiccups.

Most Nigerian banks have a reputation for acting contrary to the law and interests of their customers. Truth to tell, at times I am tempted to buy the argument that most Nigerian banks are just dysfunctional. To begin with, the apex bank, the Central Bank of Nigeria is working against the interest of many Nigerians respectfully Nigerian exporters and importers. The current CBN is a pawn in the chess of the Buhari government.

From the foregoing it is obvious that the CBN and many commercial banks in Nigeria are in dire need of reinvention to guarantee their efficiency and ethical practices and professionalism. It beats the imagination that customers’ banks which ought to render customers the best bank services turn round to maltreat their customers as well as impose prohibitive bank charges on them.

 

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