Financial institutions

CBN warns against illegal financial institutions

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

According to the bank, it does everything it can to stop all illegal financial institutions that are not recognized by it.

CBN Communications Department Director, Mr. Osita Nwanisobi gave the warning during a speech at a CBN Outreach Fair themed “Promoting Financial Stability and Economic Development”, which took place held in Akure, Ondo State.

He said: “You should beware of any institution that starts asking you to bring your money in at an extremely high rate of interest. CBN licensing establishments, they are recognized and they are regulated.

“Thus, it is your responsibility to ensure that wherever you place your money or with whom you do financial business is recognized by the CBN.”

Speaking at the event, CBN Branch Comptroller, Akure Branch, Mr. Fatai Adebare explained that the fair was designed to enable regular interface with members of the public.

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 has consistently intervened in critical sectors of the economy to ensure the welfare of Nigerian citizens while promoting the economy. growth and development.”

“The bank, in line with its mandate, has provided policy and financial support to around 40 interventions, including the Agricultural Credit Guarantee Fund, MSME Development Fund; the Non-Oil Export Simulation Facility, Anchor Borrowers’, My Main Line:’ Programme, Targeted Credit Facility, 100 percent Production and Productivity Policy and the recently introduced RT200 Foreign Exchange Program to name but a few -ones.

“All these efforts are aimed at improving production capacity, exchange rate management and ensuring the diversification of the economy. It should be noted that there have been some remarkable successes which should encourage those who have not yet participated in the programs to take an interest in them.

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

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