CBN Warns Nigerians Against Patronising Unlicenced Financial Institutions

Nigeria’s Central Bank Bans Sales of Forex to BDCs(News Central TV)

Following the recent rise in so many Illegal Financial Schemes (IFS), and the devastating effects on Nigerians, the Central Bank of Nigeria (CBN) has moved to initiate a campaign against unlicensed financial institutions springing up across the country.

Nigerians have been thoroughly warned to desist from illegal financial operations, as they are not recognised by the CBN.

The Director, Communications Department CBN, Osita Nwanisobi, issued this warning while addressing people at the CBN Sensitisation Fair themed, ‘Promoting financial stability and economic development,’ held in Akure, Ondo State.

“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.

“So, it is your responsibility to ensure that wherever you put your money or whoever you are doing financial business with, is recognised by the CBN,” he said. Recently, many Nigerians have fallen prey to financial schemes operating within the country.

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