The Consumer Advocacy Foundation of Nigeria (CAFON), a non-profit making organization, has threatened to boycott banking services from today, Tuesday, March 1, 2016, owing to perceived arbitrary charges by commercial banks.
‘’Nigerians should note that the bank-customer relationship is personal and contractual and should seek for redress when shotchanged.’’ Meanwhile, the Central Bank of Nigeria, CBN, has called on bank customers to be vigilant against excessive bank charges and channel complaints to appropriate authorities instead of participating in the boycott of banking services. The apex bank stated this in response to the boycott of banking services today called by Consumer Advocacy Foundation of Nigeria (CAFON). Two weeks ago, CAFON launched a campaign against the introduction of Stamp Duty charge of N50, Current Account Maintenance Fee and excessive bank charges. The group called on bank customers to boycott all banking services in March to protest the charges. However in a statement issued yesterday, the CBN faulted the boycott, saying CAFON should rather encourage Nigerians to take complaints that were related to wrongful bank charges to the appropriate quarters.