Cbn ask nigerians to ignore reports it approved mmm

A interesting development!

According to reports, the Central Bank of Nigeria (CBN) has asked Nigerians to ignore reports that it has approved the Micro, Small and Medium Enterprises (MSMEs) scheme, also known as Mavrodi Mondial Moneybox (MMM).

For those who may not know, MMM is a popular Ponzi scheme that has been operating in Nigeria and other countries, promising high returns on investments. The scheme has been widely criticized for its lack of transparency and potential to defraud investors.

The CBN's statement is likely in response to widespread speculation and rumors that the bank has given its approval for MMM to operate in Nigeria. The bank has now clarified that it has not given any such approval and is urging Nigerians to be cautious and avoid investing in the scheme.

Here's a quote from the CBN's statement:

"The attention of the Central Bank of Nigeria (CBN) has been drawn to reports circulating in the media that the Bank has approved the operation of MMM in Nigeria. The CBN wishes to categorically state that it has not approved the operation of MMM in Nigeria or any other country. Nigerians are advised to be cautious and avoid investing in MMM or any other similar scheme that promises unrealistic returns."

It's great to see the CBN taking a proactive approach to warning Nigerians about the potential risks associated with MMM and other similar schemes.