The Central Bank of Nigeria (CBN) has officially prohibited the use of Dollars for domestic transactions within the country.
The announcement, made through a press release signed by Ibrahim Mu’azu, Director of Corporate Communications, highlights concerns over the growing trend of utilizing foreign currencies for goods and services within the local economy.
The CBN emphasizes the legal status of the Naira as the country’s sole legal tender, citing the CBN Act of 2007. The Act specifies that currency notes issued by the bank are the only accepted means of payment within Nigeria. Violation of this provision is deemed an offense, punishable by a prescribed fine or six months imprisonment upon conviction.
The ban, however, does not apply to foreigners, visitors, and tourists, who are encouraged to use their cards for payments or exchange their foreign currency for local currency at authorized dealers’ outposts.
To ensure compliance, the general public is urged to report any contraventions of this Act to both the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) for appropriate action.
The move signals a strong stance by the CBN to uphold the integrity of the Naira in local transactions.
The Central Bank of Nigeria (CBN) has officially prohibited the use of Dollars for domestic transactions within the country.
The announcement, made through a press release signed by Ibrahim Mu’azu, Director of Corporate Communications, highlights concerns over the growing trend of utilizing foreign currencies for goods and services within the local economy.
The CBN emphasizes the legal status of the Naira as the country’s sole legal tender, citing the CBN Act of 2007. The Act specifies that currency notes issued by the bank are the only accepted means of payment within Nigeria. Violation of this provision is deemed an offense, punishable by a prescribed fine or six months imprisonment upon conviction.
The ban, however, does not apply to foreigners, visitors, and tourists, who are encouraged to use their cards for payments or exchange their foreign currency for local currency at authorized dealers’ outposts.
To ensure compliance, the general public is urged to report any contraventions of this Act to both the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) for appropriate action.
The move signals a strong stance by the CBN to uphold the integrity of the Naira in local transactions.
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