Central Bank of Nigeria (CBN) has released Bank Customers’ Bill of Rights and obligations to the public giving customers the right to be informed, right to choose, right to safety, right to privacy and confidentiality, and the right to redress.

The report, released at the “CBN Fair” held in Lagos, with theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”.

In the bill of right customers also have  right to good service, right to equality and right to free monthly statement of account.

On the other hand, the report listed certain obligations that a customer owes to his or her bank.

They include duty to financial obligations, duty to protect instruments and information, duty to provide factual information and not to mislead the bank, duty to report suspected fraud or error and duty of personal safety and safety of assets.

The document, described the customer as the most important person in the economy and every business succeeds only when the customer is happy.

Describing the customer as a king, it said: “As a king, the customer has many rights. But a king also has duties which he owes himself and the society. In Nigeria, customers of banks have certain rights and duties guaranteed by law, regulation and conventions”.

The report disclosed that a bank customer, has a right to disclosure of information from his/her bank on products and services the bank offers.

“The information provided must be complete, relevant and truthful. Your bank must explain to your understanding all contractual terms and charges prior to the consummation of any agreement or contract. This right enables you to have relevant information in order to make rational choices. It amounts to a breach of right if your bank fails to provide this information or deliberately misleads you in anyway,” it said.

According to the apex bank, bank customers also have a right to select from the range of products and services made available by your bank at competitive prices.

“This means that as a customer, you can, at all times, decide on the product or service to accept/purchase and the ones to decline. It is wrong for a bank to restrict your choices or compel you to accept/purchase products or services that are ill-suited for your needs. Where you are not satisfied with your bank’s service delivery on any product or service, you have the right to end the contract or even the banking relationship provided you settle all outstanding commitments,” it said.

The CBN explained that the right to safety requires a bank to guarantee all its customers a secure and conducive banking environment devoid of threats to their safety and health.

“You have the right to be reasonably protected from accidents while on the premises of your bank. You also have the right to be protected from negative effects of pollution of any kind whether arising from your bank’s operations or from other sources. It is necessary to stress that your bank is obligated to adhere strictly to applicable safety and directives to ensure that your safety and well being are adequately guaranteed while you are on the premises of your bank,” it said.

Continuing, the apex bank also highlighted the customers right to privacy and confidentiality.

It explained that as a bank customer, one has the right to freedom from disclosure of your account details by your bank as intrusion into your account by third party.

In other words, a bank is not to divulge your account information to a third party; a bank must also protect customers’ information from unauthorized access by a third party.

It however, stated that there are, expectations to this right where a bank is required by law to make disclosure; and where a customer consents to the disclosure.

“A bank must provide its customers a redress mechanism to express their displeasure or grievance. The mechanism must be free, accessible, transparent, timely and convenient. You have a right to efficient complaints management system through which you can lodge complaints against your bank. You also have the right to be kept abreast of resolution process (acknowledgment, feedback, updates, and explanation) and ultimately, basis of decision. Where you are not satisfied with the decision of your bank, you have the right of review either by your bank, the Central Bank of Nigeria (CBN) or the court,” it stated.

The CBN however, stated that all customers have a right to value for their money which involves the right to be treated with respect and dignity by banks and their representatives.

“The hallmark of banking is customer satisfaction and as such your bank would have failed if it was unable to offer quality and value-adding banking services to you as a customer. Part of this right is that your bank must provide appropriate response to your needs and complaints,” it said.

A surge in cryptocurrency fraud has prompted the Securities and Exchange Commission (SEC) to strengthen its monitoring measures.

The regulator has partnered with blockchain analytics firm Chainalysis to improve its ability to detect and disrupt illicit activity.

This move follows growing concerns about the security of Nigeria’s expanding digital asset market.

At a joint webinar themed “Combating Scams with Blockchain Intelligence,” Dr. Emomotimi Agama, director-general, SEC,  stressed the need for coordinated action.

He said transparency in crypto transactions should be the foundation of enforcement in the sector.

Agama warned that without collaboration, fraudulent activity could grow more dangerous in the future.

The SEC plans to use blockchain’s permanent transaction records to trace and monitor illicit movements of funds. This will include identifying wallet clusters, tracking fund transfers, and analysing transaction histories on networks such as Bitcoin and Ethereum.

Agama said these measures would help the commission detect scams earlier and respond faster.

The Chainalysis 2025 Crypto Crime Report provided data that reinforced the urgency of the SEC’s initiative.

According to the report, illicit crypto addresses received $178 billion worldwide over the last five years.

The highest volume was recorded in 2022, with $54.3 billion, followed by $46.1 billion in 2023 and $40.9 billion in 2024.

Agama said these figures showed the scale of the problem and the need for advanced analytics in enforcement work.

He also noted that Nigeria must improve its technical capacity to match the sophistication of modern financial crimes.

The partnership with Chainalysis is expected to help bridge this capability gap.

The SEC is working under the framework provided by the Investment and Securities Act (ISA) 2025, which took effect in April.

Agama described the law as a key step toward establishing clear rules for the digital asset market.

It also enables cooperation between Nigerian regulators and international partners without discouraging innovation.

He called for active collaboration between regulators, technology providers, and industry players to address fraud before it escalates. “

With all the various tools at our disposal, we must brace up for the challenges ahead,” Agama said.

He added that the collective goal should be to stop criminal activity at its source.

The SEC’s collaboration with Chainalysis is positioned as a strategic move to safeguard investors and improve market integrity.

It reflects an effort to place Nigeria among regional leaders in regulated digital finance.

By integrating blockchain analytics into its operations, the commission aims to create a safer environment for crypto transactions in the country.

World Bank has said that it has given approval of $300 million to fund a new project aimed at bolstering access to services and economic opportunities for internally displaced persons (IDPs) and their host communities in northern Nigeria.

In a release, the World Bank said the Solutions for the Internally Displaced and Host Communities Project (SOLID) was approved on August 7.

It stated that the project will adopt an integrated development strategy to help displaced persons and host communities transition from humanitarian aid to self-reliance and resilience.

It also said the ongoing conflict and insecurity in the region have displaced more than 3.5 million people, straining infrastructure and deepening competition for scarce resources in affected communities.

The bank said SOLID will build on previous government and partner interventions, including the multi-sectoral crisis recovery project (MCRP), which focused on emergency recovery.

“Key areas of focus include building climate-resilient infrastructure, promoting social cohesion, supporting livelihoods, and strengthening institutions to better respond to the pressures of forced displacement.

“We are glad to support this initiative which has a tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way,” Mathew Verghis, World Bank country director for Nigeria, said.

“The Project’s integrated approach which is aligned with the National IDP Policy and the FGN’s long-term development vision will ensure that IDPs and host communities can transition from dependency on humanitarian assistance to self-reliance and resilience which will open up better economic opportunities,” it added.

The World Bank, which noted that the cproject is expected to benefit up to 7.4 million people, of whom up to 1.3 million individuals are identified as IDPs, added that the project will be implemented through a coordinated, community-driven approach involving all tiers of government, with strong partnerships from international stakeholders.