So I wanted to transfer money to someone today via my internet bank platfor, and I am being forced to agree to this idemnify policy before I can initiate my transaction.
Indemify policy below from my bank.
Now my question is:
Is this right?
Why will a bank absolve themself from any loss or related damage that may happen to my money?
What if the error is from them?
Is this being done in other parts of the world too?
Because I feel Nigerians are being bullied and their is nobody to correct this wrong!!!

IN CONSIDERATION of [b]A Nigerian Bank[\b] (hereinafter called “the Bank”) agreeing to process transactions initiated by me via the Bank’s Internet Banking Platform above the Central Bank of Nigeria’s approved limit of N1,000,000.00 (one million Naira only) (hereinafter called “Transactions”), I, hereby fully indemnify the Bank, its Directors, agents, privies, assigns, successors, employees, or any other person whomsoever acting under the Bank’s authority or control against any costs, losses, damages, litigation, action, proceeding, expenses (including Attorney’s fees), judicial awards of any kind, or any payments of whatsoever nature made or any cost however incurred, whether directly or indirectly, remotely or otherwise, resulting from the Bank processing such Transactions.

Furthermore, I, hereby irrevocably and unconditionally agree that in addition to any general lien or similar right to which the Bank may be entitled by law, the Bank may at any time and without notice to me combine or consolidate all or any of my other deposits and accounts with and liabilities to the Bank in any currency that may at any time be in possession of the Bank and set off or transfer any sum or sums standing to the credit of any one or more of such accounts or deposits in or towards satisfaction of any claim made against the Bank or loss suffered by the Bank as a result of or pursuant to the Bank processing such Transactions.

My obligation herein shall not be reduced by any claim by me against the Bank, its Directors, agents, privies, assigns, successors, employees, or any other person whomsoever acting under the Bank’s authority.

This Indemnity shall be a continuing obligation in respect of any and all matters connected to or arising from the Bank processing such Transactions. This Indemnity shall remain valid and in full force from the date of its execution hereof until the Bank issues a letter discharging me from my obligations herein.

This Indemnity shall be construed in accordance with the laws of the Federal Republic of Nigeria.

Very wrong, I don't know why the CBN will allow such in Nigeria.

The reason for the indemnity is somehow stated in the policy....
'agreeing to process transactions initiated by me via the Bank’s Internet Banking Platform above the Central Bank of Nigeria’s approved limit of N1,000,000.00'

However, have you ever encountered such condition when transferring less than the 1m threshold?

Banks de fear CBN sanctions, so de go do like say na u twist their arms b4 dem do the transaction for u.?