Patronise only financial institutions regulated by CBN — Official

Patronise only financial institutions regulated by CBN — Official.

The Central Bank of Nigeria (CBN) has advised citizens to patronise only financial institutions regulated by the bank to avoid being duped by scammers.

Mr Osita Nwanisobi, the Director, Corporate Communications Department, CBN gave the advice during the CBN fair in Akure on Thursday.

Nwanisobi said that every Nigerian had a role to play in stopping all ponzi scheme institutions that were prevalent and duping innocent people in the country.

He said that people should be wary of institutions that would ask them to bring money with high interest rate.

According to him, CBN’s licenced institutions are regulated.

” It is your responsibility to ensure that whenever you are putting your money or whoever you are doing financial business with is regulated by the CBN.

” Our aim in this programme is to communicate to people about CBN’s policies, initiatives and programmes and how they can leverage on them.

”Also, we need to build confidence on our financial system and to let people know that our financial system is strong, stable and robust.

” And that you should not be patronising entities that are not regulated by CBN,” the spokesperson said.

He noted that the programme would give opportunities to rub minds with CBN and seek clarifications on questions bothering the minds of people.

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Earlier, Mr Akin Olotu, the Special Adviser on Agriculture Matters to Gov. Oluwarotimi Akeredolu, lauded the CBN for its various interventions which had transformed the economy of the country.

Olotu said that the Apex bank had for the past seven years made indelible prints on the success of the country’s economy.

He said that the fair would ensure that questions and thorny issues were addressed while calling on participants to disseminate information gathered to the larger society.

Also,, Mr Fatai Yusuf, the CBN’s Branch Controller, said that the sensitisation fair was designed to ensure regular interface with the public, share ideas, receive feedback and foster ways of deepening value delivery to citizens.

Yusuf said that the bank had engaged In development finance and constantly intervened in the critical sectors to ensure the wellbeing of citizens and promote economic development.

He also said that in line with its mandate, CBN had provided policy and financial support to about 40 interventions including agricultural credit.

The branch controller urged participants to take advantage of the programme to learn and key into CBN’s interventions for their benefit and that of the country.