In a new statement issued by the Director, Corporate Communications, CBN, Mr. Ibrahim Muazu,
“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.’”“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.”
Noted!
ReplyDeleteOk!
DeleteNice one from the CBN ...Good move -PST.Chekeleke
ReplyDeleteIts well oh
DeleteGobe!
ReplyDeleteI have heard
ReplyDeleteUt a welcome development
ReplyDeleteCool.. IT IS WELL
ReplyDelete*it is..
ReplyDeleteNaso. Them go arrest plenty people
ReplyDeleteWahala dey, so it's also a crime to
ReplyDeletespray foreign currencies during occasions like wedding now? Hmmmm
Original gobe!
ReplyDeleteEsp to all naija online stores, that put their prices in dollars....Good move Cbn
ReplyDeleteGood fr dem,if u wnt to buy dis dollar ti won,if u wnt to buy dat dollar ti won,local stuff oo nt foreign one's oo
ReplyDeleteAs in ehhh, wanted buying crayfish d other day n d guy told me d prize has gone up, because of rise in dollar hmm. Wetin concern our crayfish n dollar.
DeleteSeveral schools receive fees n pay dia staff in dollars.Nigerian n luv for western culture.nice one cbn.pray they mean it.
ReplyDeleteoooo God Y now..dat i have dollars
ReplyDeleteUnfortunately I spend and use ONLY dollars and also insist on dollars for my business.CBN do Ur worse
ReplyDeleteNo shaking
OK
ReplyDeletewelcoming move....
ReplyDelete