Nigerians using naira to buy dollars will be arrested; it’s illegal: CBN
The Central Bank of Nigeria has threatened to arrest and prosecute Nigerians using naira to buy dollars.
“For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that,” Godwin Emefiele, CBN governor, said Tuesday at the Monetary Policy Committee (MPC) meeting in Lagos.
Reading the riot act to bank customers, Mr Emefiele urged Nigerians illegally exchanging naira for dollar to stop, adding that the apex bank would conduct investigations and bar those found culpable from conducting transactions in Nigerian banks.
Mr Emefiele disclosed the apex bank’s monitoring of customers and banks, warning that the CBN would sanction banks caught in illegal transactions.
“We will conduct investigations, and we will have proof, and you will not be able to conduct transactions in any Nigerian bank. We will place ‘post no debit’ on the defaulting customer’s account. It is a very injurious tool to stop you from conducting illegal flows, either domestic or foreign currency,” added the CBN governor.
The warning followed the central bank’s efforts to prevent further deterioration of the naira’s value and the country’s economy.
The naira on Monday crashed to a historic low at the parallel market, exchanging for N620 against the U.S. dollar, according to the exchange platform Aboki Forex.
The CBN, in July 2021, stopped foreign exchange transactions with bureaux de change.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
“If Nigeria had spent five per cent of the money borrowed so far on entrepreneurs and power generation, the country would compete with advanced countries,” reasoned Mr Obi.
“We must shift away from the politics of bread and butter and ensure that we do not elect leaders that will buy our conscience today and mortgage the future of our children.”
“We are suffering from what is called environmental terrorism, mainly caused by the oil companies. But there is another terrorism that is threatening us is cultural terrorism.”
“It will inform public health decision-making and facilitate the development of diagnostics, therapeutics, and vaccines,” said the NCDC director-general.
A cow led by a Fulani herder broke the side mirror of OPC’s vehicle, and violence ensued, said the police.