CBN Rules Out N5000 Note ….As SEC Sets To Fight Ponzi Scheme 

The Central Bank of Nigeria (CBN) yesterday ruled out the introduction of N5000 note in the country.
CBN’s Director of Currency Operations, Ahmed Umar, made the clarification at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC) for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors in Abuja.
He said this is against insinuation by the public that the apex bank would soon introduce the N5,000 notes into the financial system of the country.
Meanwhile, President Muhammadu Buhari unveiled the new N200, N500, and N1000 notes in Abuja, recently.
Also, the Securities and Exchange Commission (SEC) has informed the investing public, Micro Medium and Small Enterprises  that it would continue to fight against Ponzi schemes in Nigeria.
SEC said it is set to use its enforcement procedures, including coordination with other relevant government agencies and stakeholders, to combat Ponzi scheme activities which has crumbled many businesses, especially the Small and Medium Enterprises (SMEs).
The Executive Commissioner Operations, Securities and Exchange Commission, Mr. Dayo Obisan, said this recently  at an Investor Education Programme for Federal Road Safety Corps workers in Abuja.
The Executive Commissioner Operations, who was represented by the Director, Market Development Department, Nestor Ikeagu, Obisan said the promoters of these unscrupulous schemes pose as operators in the capital market and other business setors to defraud investors of their money with mouth-watering promises of return on investments.
He warned the general public to be careful of the punzi scheme operators promises and think well before parting with their business money.