‘Patronise only financial institutions regulated by CBN’

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

Its Director,  Corporate Communications Department, Mr Osita Nwanisobi, 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 to earn high interest rate.

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

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“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.

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“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,” he said.

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

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