March 18, 2022

Nigeria’s Financial System is Stable – CBN

old naira notes

Godwin Emefiele, CBN Governor

…Warns Public Against Patronising Unlicensed Financial Entities

By Femi Bolaji, Jalingo

The Central Bank of Nigeria has allayed fears about the current state of the nation’s financial system.

The CBN governor, Godwin Emefiele, who spoke at a 2 days CBN fair which held jointly in Yola and Jalingo, capital cities of Adamawa and Taraba states respectively, said Nigeria’s financial system is stable and Nigerians need not to be afraid.

According to him, “The fair is also to let the public know that our financial system is robust, sound, stable and they should have no fear.”

Represented by CBN’s Director of Corporate Communications, Osita Nwanisobi, the CBN governor noted that the 2022 fair was essentially to sensitize residents of the two state on the programmes of the apex bank which they can leverage on.

The apex bank also alerted Nigerians to be mindful of unlicensed financial entities who are out to swindle Nigerians of their hard earned monies.

He said, “People should be mindful of unlicensed entities who claim to be selling financial products to the public.

“The CBN regulate licensed financial institutions but it is also important for people to understand that there are those masquerading as licensed financial entities to swindle people.

“What we are saying is that when an entity is not licensed, do not patronise them. If you have doubt ask them for their license.”