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.

Comments

Asiwaju Bola Ahmed Tinubu, Wins Big In Governor Nyesom Wike's Local Government Area

The presidential candidate of the All Progressives Congress (APC) Asiwaju Ahmed Bola Tinubu, has won the Obio-Akpor, the Local Government Area of Governor Nyesom Wike in Rivers State by a landslide. Tinubu polled 80,239 votes to defeat the Candidate of the Labour Party (LP), Peter Obi, who came a distant second with 3,829 and the People’s Democratic Party (PDP), who got 368 votes.

Breaking! BDC Operators Close Operations In Abuja - Over Dollar Scarcity

Bureau De Change operators have announced shut down of operations in Abuja as a result of unavailability of the dollars, The Chairman of the association, Abdullahi Dauran, made the announcement on Wednesday. The chairman of the Association of Bureau De Change Abuja chapter, issued the directive to stop sales as the exchange rates in both the official and parallel markets have become unfavourable. Dauran attributed the closure to online business transactions and cryptocurrency. Echoblog spoke to Jamilu a BDC owner who also confirmed the news. The closure of business would take effect from Thursday, February 1, 2024. On Tuesday naira closed at an all-time low of N1,482 against the United States dollar on the official window. It stayed stable at N1,450/$ at the parallel market.

$1 Billion Arms Sale To Nigeria-Approved By The US

The U.S. government has announced that it has approved the sale of attack aircraft and other equipments to Nigeria. The aircraft are expected to to be used against terrorists and other gunmen operating in the West African country. According to a statement Thursday by the U.S. Defense Security Cooperation Agency, the equipments are to cost Nigeria about $997 million. The acquisition of the aircraft and other equipments comes less than a year after the U.S. government supplied the country with 12 units of super tucano aircrafts paid for by Nigeria. PREMIUM TIMES had last year reported that the Nigerian Air Force (NAF) had taken delivery of the second batch of six A-29 Super Tucano aircraft from the United States. The first batch also comprising six aircraft was delivered in July 2021. New Equipments According to the Thursday statement, the equipments requested to be purchased by the Nigerian government include 12 AH-1Z Attack Helicopters; twenty-eight (28) T-700 GE 401C engines (24 insta...

Welcome To Echo Blog

Search This Blog