CBN governor, Emefiele, advises Nigerians to Shun loan sharks

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele has advised Nigerians to shun loan sharks as patronising them comes with scathing conditions and high interest rates that eventually hurts the borrower.

Emefiele gave the advice on Tuesday in Abuja, at a media briefing to draw the curtain on the 140th Monetary Policy Committee first meeting in 2022.

The CBN governor however, urged loan seekers to approach the banks or visit websites of Nigeria Incentive-based Risk Sharing system for Agriculture Lending (NIRSAL) microfinance bank to access available facilities without recourse to anyone or group to facilitate the process.

He said: “If we see loan sharks, we shall deal with them. When we find them in an organised setting, we will deal with them. They’re mostly in rural areas and we are not the police to deal with them. Do not patronise loan sharks. Go to NIRSAL MFB. Fill out the forms and input your details. You don’t need to know anyone.”

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