Financial institutions

“Only frequent financial institutions regulated by the CBN” – The Sun Nigeria

the The Central Bank of Nigeria (CBN) has advised citizens to only patronize financial institutions under its regulation to avoid being duped by scammers.

Its Corporate Communications Department Manager, Mr. Osita Nwanisobi, gave his advice at the CBN fair in Akure on Thursday.

Nwanisobi said that every Nigerian had a role to play in stopping all the Ponzi scheme institutions that were prevailing and deceiving innocent people in the country. He said people should be wary of institutions that ask them to contribute money to earn high interest rates.

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According to him, licensed CBN institutions are regulated.

“It is your responsibility to ensure that whenever you invest your money or with whomever you do financial business with, you are regulated by the CBN. Our goal in this program is to communicate to people about CBN’s policies, initiatives and programs and how they can benefit from them.

“Furthermore, we need to build trust in our financial system and let people know that our financial system is strong, stable and robust. And that you should not associate with entities that are not regulated by CBN,” he said.

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He noted that the program will provide an opportunity to rub shoulders with CBN and seek clarification on issues that are troubling people’s minds.