A CURSORY LOOK AT THE CENTRAL BANK OF NIGERIA AS AN INSTITUTION OF CONSUMER RIGHTS PROTECTION IN NIGERIA

Abstract

Financial services in Nigeria leave a lot to be desired for the average consumer of the financial sector. Most of the time, the financial sector consumer is taken for granted and made to feel like fish out of water because of the moribund nature of the sector. Consumers’ complaints in the course of transacting with financial institutions are taken for granted and most of the time left unresolved with the Consumer at the losing end of those transactions. The apex body for financial services in Nigeria has over the course of time rolled out several guidelines and modifications on financial modalities and how the consumer of the financial sector can be better treated and handled in the course of his/her day-to-day financial dealings. This work is an attempt to look into the apex body of the financial sector in Nigeria: the Central Bank of Nigeria and the role it has played or ought to play as regards Consumer Rights Protection in Nigeria.