The Central Bank of Nigeria has moved to impose strictly tough sanctions on those making use of foreign currencies for local transactions.
The Director, Corporate Communications of CBN, Ibrahim Mu’azu said that erring individuals and corporate bodies caught in the act will be sentenced to six months imprisonment.
According to the statement, “For the avoidance of doubt, the attention of the general public is hereby drawn to the provisions of the CBN Act of 2007, which states inter-alia that ‘the currency notes issued by the Bank shall be legal tender in Nigeria…for the payment of any amount’.
“Furthermore, the Act stipulates that any person(s) who contravenes this provision is guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.
“This prohibition, however, is without prejudice to foreigners, visitors and tourists who are encouraged to continue to use their cards for payments or exchange their foreign currency for local currency at any of the authorised dealers’ outpost.
“The general public is hereby advised to report any contravention of the provision of this Act to the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) for appropriate action.”
Late in March, the CBN has frowned at the growing practice of trading goods and services in foreign currencies instead of the Naira in Nigeria.
The Bank’s governor, Godwin Emefiele, said in Abuja at the end of the Monetary Policy Committee meeting that it is illegal for landlords or school proprietors to demand rents or fees in dollars, while transacting other businesses in foreign currencies.
“The official currency for doing business in Nigeria remains the Naira. Collecting rents or school fees in dollars in Nigeria is illegal. We like to advice those involved in these practices to desist from them, because CBN would very soon begin to go after them,” Mr. Emefiele warned.
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