The Central Bank of Nigeria, CBN, yesterday came out to strongly condemn the use of foreign currencies(Dollar precisely) for transactions in the country. It vowed to go after perpetrators of the act.
While stressing that the legal currency for doing business in Nigeria remained the naira, He asserted that it is illegal for anyone to transact business in dollars in the country. He stated this while reading a communiqué at the end of a two-day monetary policy committee, MPC, attended by 11 out of the 12 members.
The CBN boss said, “We are looking for people who are making demands for foreign currency as payment for services, landlords who are asking for rents in dollars, schools that are asking for school fees in dollars, or those transacting business in dollars. It is illegal in Nigeria and we will like to advise those who are involved in these practices to desist from them because the CBN will in due course come after them”.
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