Ahead of the Central Bank of Nigeria’s, CBN, 247th meeting of the Monetary Policy Committee, MPC, scheduled to hold in Abuja today and tomorrow, the apex bank has raised alarm over the activities of unscrupulous persons who defraud unsuspecting members of the public by selling application forms purportedly from the CBN for the purpose of accessing the N220 billion Micro, Small and Medium Enterprises, MSMEs, Development Fund.
A statement signed by the Director, Corporate Communications of CBN, Ibrahim Muazu, on Friday, said “these dishonest elements extort various sums of money ranging from N2,000 to N60,000, depending on the value of the loan being sort by unsuspecting applicants, as a pre-condition and/or guarantee for securing loans from the fund.
“The fraudsters also ask would-be borrowers to contribute into dedicated accounts certain sums as percentages of the loan they intend to access.
“The Central Bank of Nigeria wishes to inform the public that at no time did it authorise or appoint any agent to sell forms or collect any fee to access the fund. The only form available under the fund is the one to be filled by participating financial institutions namely: microfinance banks, non-bank microfinance institutions, financial cooperatives, finance companies, commercial banks, Bank of Industry and Bank of Agriculture to enable them access the fund and it is free.
“The public is therefore advised to beware of the activities of fraudsters. Whoever approaches them demanding for money to obtain the loan forms/or as processing fee should be reported to law enforcement agencies.
“The public is also advised to contact the Director, Development Finance Department, CBN, on 09-46238600, 0705 451 4140 and 0803 726 5741 or send an email to [email protected] or any development finance office in CBN branches nearest to them.”

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