Foreign Currency Spenders Now Risk Jail Term

The Central Bank of Nigeria (CBN) has frowned at the use of foreign currencies such as the dollar, euro, and pound sterling as mediums of exchange in the country, saying that such practice is an offence punishable by a six-month prison term. The Director of Corporate Communications, Ibrahim Mu’ azu, expressed the concerns of the apex bank with the increasing use of foreign currencies as mediums of payment by individuals and corporate organisations in the country. “The attention of the bank has been drawn to the increasing use of foreign currencies in the domestic economy as a medium of payment for goods and services by individuals and corporate,” the statement read. “It has also been observed that some institutions price their goods and services in foreign currencies and demand payments in foreign currencies rather than the domestic currency (the Naira), which is the legal tender in Nigeria. “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.’