The Central Bank of Nigeria (CBN) has mapped out plans to end Ponzi Scheme in Nigeria, while sensitizing Nigerians on the new digital currency, E-Naira.
The Director of the Corporate Communication Department, CBN, Mr Osita Nwanisobi disclosed this to journalists during the CBN Fair on promoting Financial Stability and Economic Development held at the Akanu Ibiam International Conference Centre, Abakaliki, the Ebonyi State capital.
Mr Nwanisobi said the CBN is doing everything within its powers to end the ugly trend called Ponzi scheme.
“What CBN is doing today is to arrest the situation of Ponzi scheme in Nigeria.
“The first thing we are doing is to sensitize Nigerians on the need to know that they are the first security to themselves.
“When we sensitize you, you will know that there is no way someone would come to you to convince you that he/she has a product that can earn you 10% per month, which means 120% per annum and you would rush such business.
“This sensitization would help you to know if such business is registered with the CBN or not by going to the CBN website to find out.
“If it is an entity that is supposed to be regulated by the CBN, you will equally know.
“Moreso, most of these people do not have licence from anywhere but they are just operating on their own,” Nwanisobi explained.
He assured the public that the CBN is working seriously with security agencies to end the menace called Ponzi scheme as it is hampering the efforts of the CBN on promotion of financial stability and economic development in the country.
Electronic Naira
Mr Nwanisobi said the introduction of the electronic Naira platform by the CBN is guaranteed.
“The technology used for it is cryptographic, that is encrypted and so, it is well authenticated.
“E-naira project, because it is incorporated with Bank Verification Number (BVN), is a gradual journey because of minor challenges surrounding it.
“Some of these challenges are just man-made. For instance, some registered their BVN with phone numbers and email addresses but they can’t remember the email account they used. Others with phone numbers but are no longer using the number. But just like I said, it is a gradual journey.
“The E-naira is just the digital currency of the physical Naira you are seeing and all you need to do even when you don’t have phones with internet facilities is to go to any approved agent in your area and get enrolled,” he added.
Meanwhile on the CBN Covid-19 Loan, the CBN Director Mr Osita informed the general public that the loan was never a grant as insinuated by many people:
“The CBN doesn’t give grant. What CBN does is to see how it can facilitate credit to people but at a very low interest rate and that is why all CBN intervention funds do come under single digit interest”.
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