Nigerians lost N11.9 billion to Ponzi schemes in 2016 – CBN.

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CBN magic-fm

The Central Bank of Nigeria (CBN) said on Thursday that Nigerians lost N11.9 billion to the Ponzi scheme in 2016.

Speaking in Kano during the 2017 Bank-Wide Sensitization Campaign on CBN initiative programme, the apex bank Acting Director, Corporate Communications, Alhaji Yusuf Wali, warned Nigerians on the inherent danger associated with the subscription to Ponzi scheme.

He noted that the sensitization programme tagged “CBN Fair” is geared towards sensitizing citizens on the activities of CBN as well as educating Nigerians on how best to engage in financial transactions.

He also mentioned that CBN has introduced some strategic initiatives and intervention schemes to support the economy with a view to ensuring sustainable growth and development.

BY NELSON