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Again, CBN Reads Riot Act on Nigeria’s Dollarisation

Mr. Godwin Emefiele, CBN Governo

Mr. Godwin Emefiele, CBN Governo

Obinna Chima
The Central Bank of Nigeria (CBN) on Tuesday restated its resolve to prosecute anyone found transacting business in the country with any foreign currency as a medium of payment.
The banking sector regulator stated that its attention had 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 citizens.
The central bank, in a statement titled: “The use of foreign currency as a medium of exchange in Nigeria,” signed by its Director, Corporate Communications, Ibrahim Mu’azu, said it had 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.
To this end, it drew the attention of member of the public 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.
It added: “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.  READ MORE HERE

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