Making local transactions in Foreign currency attracts a jail term – CBN warns, says the Naira is only legal tender

CBN headquarters, Abuja

Central Bank of Nigeria has issued a warning statement to Nigerians, banning the use of foreign currencies in local transactions within the country.

According to its statement, the only legal tender for buisness transactions according to the provisions of the CBN Act of 2007, is the naira.

The statement notes that some buisness institutions price their goods and services in foreign currencies and demand payments in the same which is contrary to the law and is a liable offence.

According to the CBN, “Anyone who contravenes the provisions is guilty of an offence and liable on conviction to a prescribed fine or six months imprisonment”

The statement further advised Foreigners and citizens alike to either use cards for payments or exchange foreign currency for the Naira by authorized dealers to avoid the stipulated penalty for defaulters


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