By Isaac Akerele
The Central Bank of Nigeria has issued a statement banning the use of foreign currencies in the domestic economy as a medium of exchange with liable penalties for its contravention
Signed by it’s Director, Ibrahim Mu’azu, the statement noted that certain institutions price their goods and services in foreign currencies and demand payment in same.
This-according to the CBN-is contrary to the provisions of the CBN Act of 2007, which states that “the currency notes issued by the bank shall be legal tender in Nigeria fof payment of any amount”
Both Foreigners and citizens are encouraged to use their cards for payments or exchange foreign currency for the local by authorized dealers as the act further stipulates a penalty for defaulters
“Anyone who contravenes the provisions is guilty of an offence and liable on conviction to a prescribed fine or six months imprisonment” the statement reads
