In a recent move, the Central Bank of Nigeria (CBN) has enforced a groundbreaking policy prohibiting the use of foreign currencies for transactions involving goods and services by individuals and companies within the country.
The announcement, conveyed through a press release by Ibrahim Mu’azu, the Director of Corporate Communications at the CBN, sheds light on the concerning trend of some institutions pricing their offerings in foreign currencies rather than utilizing the domestic currency, the Naira, which holds the legal tender status in Nigeria.
Mu’azu underscored the importance of adhering to the provisions set forth in the CBN Act of 2007, which unequivocally designates the currency notes issued by the bank as the sole legal tender for transactions within Nigeria.
It is noteworthy that this restriction does not extend to foreigners, visitors, and tourists. They are still encouraged to employ their cards for transactions or exchange their foreign currency for the local currency through authorized dealers or deposit institutions.
The CBN stresses that this policy is specifically aimed at individuals and corporations operating within Nigeria.
To ensure strict compliance, the public is urged to report any violations to both the Economic and Financial Crimes Commission (EFCC) and the CBN.
These regulatory bodies are committed to taking appropriate actions against those found in breach of the established regulations.
This regulatory initiative is designed to bolster the use of the Naira as the primary currency for transactions within Nigeria, aligning with broader efforts to fortify the nation’s economic foundations.
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