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The Central Bank of Nigeria (CBN), Tells Nigerians To Stop Converting Naira To The US Dollar

The Central Bank of Nigeria (CBN) has issued a stern warning to Nigerians.

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Elefiele, has warned bank customers, especially politicians and high profile persons to desist from withdrawing Naira for the purpose of converting them into Dollars just for keeps.

According to CBN, it would place a post-no debit on bank account(s) of any customer violating this rule.

The riot act was read by the Governor of the apex bank, Godwin Emefiele  during the Monetary Policy Committee (MPC) meeting on Tuesday, he specifically warned politicians amid rising electioneering spending.

He described this action as illegal, which he said was capable of wrecking the country’s economy as the nation makes every effort to resolve the lingering foreign exchange (forex) scarcity, which is depleting the value of the Naira very fast against the greenback in the currency market.

Addressing newsmen in Abuja on Tuesday, Mr Emefiele said the apex bank will put in place a formidable surveillance system that will track the illegal conversion of Naira to Dollar in the Nigerian financial system.

According to him, anyone caught involved in this would be prevented from using the banking system in the country as a Post no Debit would be placed on the bank account of the defaulting customer.

He also added that any bank discovered to be aiding this illegal act would be sanctioned by the country’s banking industry watchdog.




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