Tuesday, November 29, 2022
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Dollar Buying with Naira: CBN Talks Tough

Vows to arrest offenders found in the act.

The Central Bank of Nigeria, CBN, has released a statement vowing to arrest dollar-buying offenders in the country.

In a statement released by the CBN Governor Mr. Godwin Ifeanyi Emefiele, the apex bank has warned it would arrest and prosecute defaulters.

It is no longer news that some Nigerians have been buying dollars with naira.

This has been partly responsible for the depreciating naira.

Hence, the statement according to the CBN Governor reads:

“For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that”.

Mr. Godwin Emefiele said this at the Monetary Policy Committee (MPC) meeting held on Tuesday in Lagos.

Dollar Buying with Naira: CBN Talks Tough
Illegal Dollars-buying with Naira

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Additionally, the statement by Mr. Emefiele went further to say,

“We will conduct investigations, and we will have proof,

and you will not be able to conduct transactions in any Nigerian bank.

We will place ‘post no debit’ on the defaulting customer’s account.

It is a very injurious tool to stop you from conducting illegal flows, either domestic or foreign currency”.

In line with the riot act delivered to the public, Mr. Emefiele warned that the CBN is monitoring customers and banks.

According to him, those found in this illegal transaction will be sanctioned.

Furthermore, Mr. Emefiele added that the apex bank would conduct investigations.

And those found guilty will be barred from conducting transactions in Nigerian banks.

However, it remains to see if this stern warning will have the desired effect.

Nevertheless, the CBN’s intervention aims at stabilizing the naira.

Whether this will be the case, only time will tell.



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