CBN vows to arrest any Nigerian buying dollars with Naira

The Central Bank of Nigeria has pledged to prosecute Nigerians who use naira for dollars.

It is illegal for those who take money from banks in order to purchase dollars. “If the security agencies hold on to you, you will understand the implications of that,” Godwin Emefiele (CBN governor) said Tuesday at the Monetary Policy Committee’s (MPC), meeting in Lagos.

To bank customers, Mr Emefiele read the riot act and urged them to stop illegally exchanging naira to dollar. He also said that the apex Bank would investigate the matter and ban those found guilty from transacting in Nigerian banks.

Mr Emefiele revealed the monitoring by the apex bank of customers and banks. He warned that the CBN would penalize banks involved in illegal transactions.

“We will investigate and will have evidence. You will be prohibited from conducting transactions in any Nigerian banks. We will place a ‘post no deduction’ on the account of the defaulting customer. It is an extremely harmful tool to prevent you from engaging in illegal currency ,” flows.

This warning came after the central bank tried to stop further economic decline of the naira.


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