Tuesday, October 4, 2022

Nigerians using naira to buy dollars will be arrested; it’s illegal: CBN

• July 20, 2022
Emefiele, Naira/Dollar
Composite of Godwin Emefiele, Naira/Dollar used to illustrate the story

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

FCTA demolish 700 illegal structures built on swamps

Abuja

FCTA removes 700 illegal structures in flood-prone areas

The illegal structures erected in swampy areas were inhabited by over 1,000 petty traders, comprising young men, women, middle aged and the old.

NationWide

Police commission dismisses seven officers, demotes 10 for gross misconduct

A letter of warning was also issued to two officers while four were exonerated.

Plateau State Governor, Simon Lalong

Jos

Lalong warns new commissioners not to mismanage Plateau funds

The governor told the commissioners that they were appointed not to make money but to serve the people.

Rights

Rape: Italy requests extradition of ex-football star Robinho

The ex-AC Milan winger was sentenced to nine years in prison in Italy for allegedly raping a woman in a discotheque with five other men in 2013.

ACCE

Africa

ACCE postpones annual conference over ASUU strike

The council said the postponement was its way of publicly declaring its support for ASUU’s struggle to rescue the public university system from collapse.

Babajide Sanwo-Olu and Bola Tinubu

Lagos

Massive crowd at Ndigbo APC town hall meeting for Tinubu, Sanwo-Olu

The group was made up of Ndigbo from the 20 local government areas and the 37 local council development areas of the state.