2014-07-25 | CPD/MCD/GEN/STK/01/045

Exposure of Draft Recommendation For Time Bar on Consumer Complaints

The Central Bank of Nigeria (CBN) is considering implementing a time bar of six years for managing complaints in the financial industry to ensure timely resolution and promote diligence in consumers' financial transactions. This proposal follows consultation with stakeholders and the study of practices in foreign jurisdictions, sister regulatory agencies within Nigeria, and relevant Nigerian legislations related to document retention and legal action. The bank has exposed this recommendation for comments from stakeholders. Comments can be submitted via email or mail within two weeks of receiving this letter.

Nigeria

Central Bank of Nigeria

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