Beware of Wonder Banks - CBN

The Central Bank of Nigeria, CBN has called on Nigerians to be careful about finance houses offering mouthwatering interests on deposits.

The apex bank's Director of Corporate Communications, Mr Muazu Ibrahim made the call in Kaduna on Thursday during a sensitization fair tagged PROMOTING FINANCIAL STABILITY AND ECONOMIC DEVELOPMENT.

He said that the objective of the fair was to tell the people how they could leverage on the various economic initiatives of the apex bank.

He said ; “let me use this medium to caution members of the public to be very careful and mindful of the activities of illicit financial houses (wonder banks) so as not to lose their hard earned money in the pursuit of ‘mouthwatering’ fictitious returns on investment.

“Endeavour to verify such offers by prospective finance houses before parting with your money. You can always visit the CBN website or any branch of the CBN nearest to you for clarifications on the status of such houses.

“Our various initiatives on monetary policy, modernisation of the payment system, development financing programmes and financial literacy have been designed to revamp, reposition and re-engineer vital sectors of the economy.

“Some of these initiatives include Agricultural Credit Guarantee Scheme Fund (ACGSF), Micro, Small and Medium Scale Enterprises (MSME), Micro Finance Policy, Commercial Agricultural Credit Scheme (CACS), cashless policy, electronic payment system (alternative payment channels), financial inclusion and pursuit of sound and stable financial system."