CBN warns Nigerians against use of foreign currencies for domestic transactions

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ABUJA – Central of Nigeria (CBN) on Tuesday warned individuals and corporate organisations against use of foreign currency carry out transactions in country.


This is contained in a signed by Alhaji Ibrahim Mu’azu, , Corporate Communications, CBN, in Abuja.


“The attention of the has been drawn the increasing use of foreign currencies in the domestic economy as a medium of for goods and services by individuals and corporate organisations.


“It has also been observed that some institutions price their goods and services in foreign currencies and demand payments in foreign currencies rather than the Naira which is the legal tender in Nigeria,” it said.


According the , it is against the provisions of the CBN Act.


It said that the provisions of the CBN Act of 2007 stated  that the currency notes issued by the should be legal tender in the country.


This, it said, should be used for the of any amount.


“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,” it said.


The also pointed out that the prohibition, however, was without prejudice to foreigners, visitors and tourists in the country.

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It said that those people were encouraged to continue to use their cards for payments or their foreign currency for local currency at any of the authorised dealers’ outpost.


It advised the general public to report any contravention of the provision of the act to the and Financial Crimes Commission (EFCC) and the (CBN) for appropriate action.(NAN)

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