CBN advises Nigerians to shun activities with unlicensed financial operators

Written by on April 5, 2022

The Central Bank of Nigeria(CBN) through its Financial Services Regulation Coordinating Committee (FSRCC) has advised Nigerians to stop dealing with unlicensed or illegal financial operators in the country.

The CBN through FSRCC gave the advice in a statement posted on its website on Monday.

It is said that the illegal financial operators lure and defraud unsuspecting members of the public by offering extraordinary returns on investments as bait.

It also described the increasing activities of Illegal Financial Operators (IFOs) as worrisome, saying it portends a grave risk to public confidence and the stability of the Nigerian financial system.

It encouraged member agencies to engage in regular sensitisation campaigns on the threats posed by the activities of illegal financial operators.

It also urged the general public to address further enquiries to the Director, Financial Policy and Regulation, Central Bank of Nigeria, and/or the Executive Commissioner, Legal and Enforcement, Securities and Exchange Commission.

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