The Central Bank of Nigeria on Tuesday said that the increasing use of foreign currencies as a
medium of exchange in the country is illegal and anybody caught risked a six-month
jail term upon conviction.
The statement issued by the Director, Corporate
Communications, CBN, Mr. Ibrahim Muazu, read, “The attention of the bank has
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 corporates.
“It has also been observed that some institutions price
their goods and services in foreign currencies and demand payment in foreign
currencies rather than the domestic currency (the naira), which is the legal
tender in Nigeria.
“For the avoidance of doubt, the attention of the general
public is hereby drawn to the provision 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.’”
It added, “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.
“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 currencies for the local currency
at any of the authorised dealers’ outposts.
“The
general public is hereby advised to report any contravention of the provision
of this Act to the Economic and Financial Crimes Commission and the CBN for
appropriate action.”
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