CBN Goes After Illegal Users of Its Logo

Chinedu Ibeakanma
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To check the indiscriminate use of its logo, the Central Bank of Nigeria (CBN) has engaged security authorities to go after those using its logo illegally.

The CBN in a statement issued on Saturday in Abuja said engaging the security authorities has become necessary following the circulation of fake news by individuals using CBN circular and logo.

CBN’s Director, Corporate Communication Mr. Osita Nwanisobi, in the statement said the move to get culprits who illegally use the CBN logo sanctioned followed the recent fake news making the rounds again that “all Deposit Money Banks, International Money Transfer Operators (IMTOs) and members of the public are to convert domiciliary account holdings into naira.”

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Nwanisobi stated that “the CBN has not contemplated, and will never contemplate such line of action. The speculation is a completely false narrative aimed at triggering panic in the foreign exchange market.”

The CBN, he said “had previously assured members of the public that there was no plan whatsoever to convert the foreign exchange in the domiciliary accounts of customers into Naira in order to check purported shortage of the United States dollars.”

According to Nwanisobi, “operators of domiciliary accounts and other members of the banking public are therefore advised to completely disregard these fictitious documents and malicious rumors, and go about their legitimate foreign exchange transactions.”

These rumors he added “are only aimed at impugning the integrity of the CBN and activating chaos in the system. The public should note that any circular issued by the Central Bank of Nigeria (CBN) is posted on its website ( for the attention of the general public.”

He then warned corporate bodies and members of the public against the unauthorized use of the Bank’s logo for any purpose whatsoever.

“We have drawn the attention of appropriate authorities to this and culprits will be sanctioned accordingly” he said.

Source: The Nation

This post was written by Chinedu Ibeakanma.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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