The Central Bank of Nigeria (CBN) has warned Nigerians to be careful of any deposit money institution that is not insured by the Nigeria Deposit Insurance Corporation (NDIC) especially the trending 'MMM' Nigeria community Wonder. Acting Director of Corporate Communications, Central Bank, Mr. Isaac Okoroafor, made this known yesterday against the proliferation of wonder banks in the country in recent times.Okoroafor said such deposit money institutions were dubious 'Ponzi' schemes.“At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise,” he advised.He warned Nigerians to beware of the so-called wonder banks, explaining that they were makeshift institutions to dupe people.
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