Despite Complaint of Hardship, CBN Raises Interest Rate to 26.25%

Banks to Collect Customers’ Social Media Handles As Court Rules On CBN Regulation

by Victor Ndubuisi

A new rule by the Central Bank of Nigeria (CBN) requiring financial institutions to gather clients’ social media handles as part of the Know-Your-Customer procedure has been upheld by the Federal High Court in Lagos.

On May 16, Justice Nnamdi Dimgba dismissed a lawsuit filed by attorney Chris Eke contesting the regulation’s validity.

To the extent that it conflicts with Section 37 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), Eke contended that the new CBN regulation is undemocratic, unconstitutional, and void.

Due To Demand For Customers’ Social Media Handles, SERAP Drags CBN To Court

The petitioner had requested that the court issue a perpetual injunction to stop CBN from executing the rule requiring financial institutions to get their clients’ social media handles as part of routine bank customer service.


Judge Dimgba, however, decided in the CBN’s favour, ruling that sharing a social media handle is comparable to sharing other contact information and does not violate someone’s right to privacy. The restriction serves the legitimate goal of doing due diligence on potential clients, the court ruled, striking down the lawsuit.


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