Central Bank Of Nigeria Is Warning Businesses Against The Use Of Dollar For Transactions Or Face Jail Term

CBN is threatening businesses and people that carry out business transactions or exchange of goods and services in foreign currency in the country.  Hey some businesses in Nigeria has been pricing their goods in USD way before now, CBN can't give us that BS that their attention has only just been drawn to it because of the Naira crash. Sometimes you wonder if you are in the US with the way businesses price their products in USD especially in the hospitality industry. The ones that doesn't price in USD charge you the equivalent in Naira at a set exchange rate. 

CBN is threatening 6 months jail term for any one found guilty. Convicting businesses or individual will not be a walk in the park, there should be more sophisticated approach to this problem to deal with it hands on other than a mere press release. Nigeria government needs to fix this and let these businesses get the message firmly.

Read bits from the institution press release. 

“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.’”

It added, “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.”

Source: Punch Ng