CBN warns against illegal financial institutions

CBN warns against illegal financial institutions
Godwin Emefiele, CBN Governor


The Central Bank of Nigeria has warned individuals to desist from dealing in illegal financial schemes or with illegal financial institutions that are not licensed or recognised by it.

According to the bank, it is doing all it can to stop all illegal financial institutions that are not recognised by it.

The Director, Communications Department CBN, Mr Osita Nwanisobi, gave this warning while speaking at a CBN Sensitisation Fair themed, ‘Promoting financial stability and economic development,’ held in Akure, Ondo State.

He said, “You should be wary of any institution that begins to ask you to bring your money for an extremely very high-interest rate. The CBN licenses institutions, they are recognised and they are regulated.

Speaking at the event, the Branch Controller of the CBN, Akure Branch, Mr Fatai Adebare, explained that the fair was designed to enable regular interface with the members of the public.“So, it is your responsibility to ensure that wherever you put your money or whoever you are doing financial business with, is recognized by the CBN.”

He said, “As part of our mandate, the CBN under the leadership of the governor, Mr Godwin Emefiele has engaged in development finance activities and constantly intervened in the critical sectors of the economy to ensure the wellbeing of the Nigerian citizens while also promoting economic growth and development.”

“The bank, in line with Its mandate had provided policy and financing support to about 40 interventions including the Agricultural Credit Guarantee Scheme Fund, the MSME Development Fund; the Non-oil Export Simulation Facility, Anchor Borrowers’, My Main Line: ‘Programme, Targeted Credit Facility, 100 for 100 Policy on production and productivity and the recently introduced RT200 forex programme to mention a few.

“All these efforts are targeted at improving the productive capacity, foreign exchange rate management, and ensuring the diversification of the economy. It Is worthy of note that there have been remarkable success stories which should encourage those who are yet to participate in the programmes to key into it.

“We all agree that diversification of our economy is a key driver to sustained economic growth, and this is what the Central Bank has sought to achieve through its various timely development finance interventions and schemes in different sectors of our economy.”

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