Last month, the Central Bank of Nigeria warned Landlords, Schools and Corporate Organisation to stop demanding foreign currencies for settlement of transactions carried out in the country. Today the CBN is not going back on their word as strict sanctions will be imposed on anyone who goes against this policy.
In a statement signed by Alhaji Ibrahim Mu’azu, Director, Corporate Communications, CBN, in Abuja, it reads
“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 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. The provisions of the CBN Act of 2007 stated that the currency notes issued by the bank should be legal tender in the country. 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,”
The statement also pointed out that the prohibition, however, was without prejudice to foreigners, visitors and tourists in the country. The statement encourgaed foreigners to use their cards for payment or exchange their foreign currency for local currency with an authorized dealer.
It advised the general public to report any contravention of the provision of the act to the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) for appropriate action.(NAN)
No comments:
Post a Comment