N396/N400 (updated 24.3.17:close)
buying/selling naira exchange rates per USD
Tuesday, 13 December 2016

Days after its owner wrote an open letter addressed to President Muhammadu Buhari, pyramid scheme Mavrodi Mondial Moneybox better known as MMM has finally crashed, leaving millions of participants stranded with their money trapped inside.

Although MMM claims the crash was a temporary "freeze" which will make payouts unavailable till January 2017, there are wide speculations the closedown will be permanent.

Here's a statement by MMM:
 Dear members!

As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media. The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)

Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.

The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do.:-))

We hope for your understanding,
People have taken to social media to voice out their regrets over the sudden development.

Recall that the Federal Government, Central Bank and Access Bank earlier sounded warnings against participation of MMM and other "wonder banks" before now.
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