CBN Raises Alarm Against Illegal Financial Institutions

The Central Bank of Nigeria has raised alarm over 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.

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

According to him, “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.

“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.
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“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.”