Nigeria's apex bank,The Central Bank of Nigeria (CBN),
has warned Nigerians to be careful in transacting business
with financial houses that promise them outrageous interest
rates.
Speaking at the opening of the two-day sensitization
Fair in Kaduna, Mallam Ibrahim Mu’azu, Director,
Corporate Communication of CBN
Said some of the promises were not visible and
achievable.
Mu’azu said the warning had become imperative so
that Nigerians would not lose their hard earned money
in the pursuit of ‘mouthwatering’ fictitious returns on
investment.
Speaking on the theme of the sensitization fair,
“Promoting Financial Stability and Economic
Development,” he added that people should 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 such enquiries,” he
explained.
He noted that the objective of the sensitization was to
create awareness about the economic development
initiatives and programmes of the bank with a view to
explaining the opportunities available and how best to
access them.
He said, “The various initiatives are on monetary
policy, modernization of the payment system,
development. Financing programmes and financial
literacy have been designed to revamp, reposition and
reengineering of 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),
cash-less policy, electronic payment system
(alternative payment channels), financial inclusion and
pursuant of sound and stable financial system.
“These lofty initiatives are quite capable of
repositioning the economy if well understood and the
opportunities are adequately tapped into.
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“The CBN is to mobilize the people with low income but
economically active, women entrepreneurs farmers and
financial service providers to come together, interact
and create synergy towards enhancing access to
finance, increase productivity, generate employment,
create wealth and engender sustainable growth,”
Mu’azu said.
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