RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Banking

CBN advises Nigerians to Shirk Unlicensed Financial Operators

Rate Captain by Rate Captain
April 5, 2022
in Banking, Business, Economics
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

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

The CBN through its agency, the FSRCC gave this advice in a statement posted on the site on Monday, 4th April 2022, when it stated that the illegal financial operators lure and defraud unsuspecting members of the public by offering extraordinary returns on investment as temptation.

AlsoRead

BNP Paribas has joined JPMorgan’s blockchain-based network.

MTN Nigeria now more valuable than all Nigerian Banks combined

Oil Marketers, Airlines reach loggerheads over local Aviation Price

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

What the FSRCC is saying

The FSRCC advised the public in its statement that, “the general public is advised to refrain from dealing with unlicensed or illegal  financial operators, who lure and defraud unsuspecting members of the public by offering extraordinary returns on investments as a bait.”

The FSRCC therefore advised the members of the public to visit the websites of CBN and other regulatory agencies, that, “Members of the public are advised to visit the websites of the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and other relevant member agencies of the FSRCC to investigate them before investing in them.”

It also advised the public to report any individual or entities suspected to be involved in such nefarious activities to the law enforcement agencies.

The FSRCC agent also assured that the financial regulatory agencies shall continue to carry out all necessary due diligence before registering or licensing any operator under their regulatory purview.

In addition, the FSRCC included that the agencies shall refer to relevant supervisory authorities for confirmation before finalizing on any registration/licensing application. 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 (SEC).

 

Previous Post

Fresh Sanctions against Russia extends Oil Price Surge

Next Post

Nigeria FX reserve surges by 0.08% despite Naira exchange rate stability in the parallel market

Related News

BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

by Rate Captain
May 23, 2022
0

French banking giant BNP Paribas (EPA) has joined JPMorgan's (JPM) blockchain-based network for fixed income market trading, according to a...

MTNN Share Price gains 1.21% after CBN granted the final approval of its MoMo PSB

MTN Nigeria now more valuable than all Nigerian Banks combined

by Rate Captain
May 23, 2022
0

is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies...

MOMAN Debunks Rumor of Aviation Fuel Selling at N700 per Litre

Oil Marketers, Airlines reach loggerheads over local Aviation Price

by Rate Captain
May 20, 2022
0

  Nigerian airline operators are currently at cross-purposes with oil marketers over the rising prices of the aviation fuel, also...

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

by Rate Captain
May 19, 2022
0

The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance...

Next Post

Nigeria FX reserve surges by 0.08% despite Naira exchange rate stability in the parallel market

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022
CBN say Nigeria would reap the benefits of a rising oil price

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

May 23, 2022

Popular Story

  • Tether, USDT market cap has dropped by US$10B since UST collapse

    Tether, USDT market cap has dropped by US$10B since UST collapse

    0 shares
    Share 0 Tweet 0
  • Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

    0 shares
    Share 0 Tweet 0
  • BNP Paribas has joined JPMorgan’s blockchain-based network.

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.