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
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Agriculture
NiMet warns Nigerians about looming thunderstorms, strong winds, predicts rains in 20 states
NiMet’s weather outlook anticipated sunny skies over the northern region on Monday, with a few patches of clouds envisaged across the region.
States
Poor infrastructure, multiple taxation cripple industries in Bauchi, Gombe, Jigawa: Stakeholders
Stakeholders in the economic sector have identified decaying infrastructure and multiple taxation as major obstacles to sustainable industrial growth in Bauchi, Gombe, and Jigawa.
Economy
Nigeria, Australian university deepen mining capacity partnership
Nigeria and Murdoch University have reaffirmed their commitment to deepening knowledge transfer and professional capacity building in Nigeria’s solid minerals sector.
Health
Police arrest 14 over Ondo poisoned alcohol, recover methanol linked to 29 deaths
The police command in Ondo has arrested 14 suspects in connection with the sale and consumption of alcoholic drinks linked to the deaths of 29 people in Odigbo council area.
States
SPECIAL: Back Like They Never Left: Oyo’s inadequate evacuation, rehabilitation of street beggars, homeless people
The lawyer said the uninspiring state of the Akinyele Rehabilitation Centre could hardly be construed as a violation of the rights of the affected persons.
States
Sokoto: Police warn against social media misuse, cybercrimes
The police command in Sokoto has warned residents against misusing social media platforms to circulate unverified information, fake news, and harmful rumours.
