NigeriaUsing Naira to Buy Dollars is Illegal – CBN...

Using Naira to Buy Dollars is Illegal – CBN Warns

-

- Advertisment -spot_img
BACK TO SCHOOL DEALS

The Central Bank of Nigeria (CBN) has threatened to arrest and prosecute Nigerians using naira to buy dollars.

Using Naira to Buy Dollars is Illegal – CBN Warns

Mr Godwin Emefiele, CBN governor, made this known on Tuesday at the Monetary Policy Committee (MPC) meeting in Lagos.

FREE DELIVERY

“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.” said Emefiele

While 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.

Read AlsoAPC Muslim Youths Reject Shettima as Tinubu’s Running Mate

“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.

It was gathered that the warning is a close-mark strategy of the central bank’s efforts to prevent further deterioration of the naira’s value and the country’s economy.

At the beginning of the, the naira crashed to a historic low at the parallel market, exchanging for N620 against the U.S. dollar, according to the exchange platform Aboki Forex.

Likewise, the CBN, in July 2021, stopped foreign exchange transactions with bureaux de change, limiting the duty to commercial banks only.

newswebbs
newswebbshttps://newswebbs.com
New Webbs is an independent online news platform launched with the aim of connecting the world with the latest news on the web.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Bigi Annual ‘Watch & Win’ Promo Returns With Grand Prizes

Lagos, Nigeria - The award-winning Bigi Carbonated Soft Drink brand, a product of Rite Foods Limited, is delighted to...

‘Attempted Coup’ In Burkina Faso Foiled – Military Junta

Burkina Faso's military junta, on Wednesday evening claimed it foiled an 'attempted coup d'état' the previous day (Tuesday) in...

50 Persons Poisoned At Wedding Party

At least fifty (50) people were poisoned at a wedding in Iraq’s northern province of Kirkuk due to contaminated...

18 Persons In Police Net For Crossing Lagos Highways

Lagos, Nigeria - The Lagos Environmental Sanitation Corps (LAGESC) popularly known as KAI secured the arrest and subsequent arraignments...
- Advertisement -spot_imgspot_img

Financial Literacy: QNET Empowers Over 750 Youths

Lagos, Nigeria - In the second phase of FinGreen initiative, QNET, an e-commerce company, has partnered Transblue Nigeria Ltd....

CAF: Morocco, East Africans Hosts For 2025, 2027 AFCON

The Confederation of African Football (CAF) has named Morocco hosts for the 2025 AFCON, while a joint bid from...

Must read

Rite Foods Set To Showcase Award-winning Refreshing Brands At Lagos Trade Fair

The award-winning Rite Foods Limited has partnered with the Lagos State Chamber of Commerce & Industry (LCCI) for the 37th Annual Lagos International Trade Fair (LITF) and is fully prepared to exhibit its unique brands.

Public Relations Vs. Reputation Management: The Thin Line To Grasp And More

Whether you are setting out fresh from the ideation...
- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you

Buy More, Save More