Skip to main content

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

Popular posts from this blog

Jeff Bezos With GF Lauren Sanchez At The Miami Grand Prix

On Sunday, 06 May 2023, Jeff Bezos and his girlfriend of almost four years, Lauren Sánchez were at the F1 Miami Grand Prix. Jeff Bezos And Lauren Sanchez Top Left At The F1 Miami Grand Prix, Qualifying, Miami International Autodrome, Miami Gardens, Florida, USA – 06 May 2023 Lauren Sanchez, 53, a former Newscaster, was spotted in a crop top and jeans alongside her billionaire boyfriend Jeff Bezos, 59, in Miami, while attending the Miami Grand Prix. They held hands as they arrived at the Formula One Grand Prix event. Jeff Bezos with a net worth of US$125 billion as of April 2023, arrived in the team village at the Formula 1 Crypto.com Miami Grand Prix in Miami, Florida on May 6, 2023. Bezos is the third-wealthiest person in the world and was the wealthiest from 2017 to 2021, according to both the Bloomberg Billionaires Index and Forbes. Credit: Hollywood life.com, Wikipedia

HERMOSA_IMPERIAL- YOUR BEST OPTION!

Introducing your MARKET GENIUS! HERMOSA_IMPERIAL! Hermosa_Imperial, Lagos. A certified Business, that deals in hospitality management, personal shopping, event management and logistics. Just as our name implies, we are Imperial; with a regal bearing and business sense. We have a vast, indepth knowledge of the market place, where to pick your exquisite items from. We are swift, affordable and reliable. You have a need? Think no further, let us surf the market for you. Holla at us! Hermosa_imperial has gone a step further by providing via our YouTube video, an insight of the Lagos metropolitan market. Showing viewers how to surf the major and minor markets in Lagos. The vital marketing strategies that you can use to survive Lagos, reliable online vendors and so much more.   Hermosa_imperial is a MUST stop! We at Hermosa_Imperial cares for you! CONTACT: 0703 8606139. 0704 508 7378. https://m.youtube.com/channel/UCiJSdwFZhDY-D8m1z0m8gfA NOTE: PAID ADVERT .

The CBN Governor Drops Presidential Ambition: Godwin Emefiele withdraws suit against INEC, AGF

The Governor of Central Bank of Nigeria (CBN), on Monday, withdrew the suit he filed against the Independent National Electoral Commission (INEC) and the Attorney-General of the Federation over his presidential ambition. This development was made known via Godwin Emefiele's counsel, S.T. Maliki to Justice Ahmed Mohammed. Shortly after the matter was called, S.T. Maliki made it known to the judge that a notice of discontinuance had been filed and served on the defendants in the matter. Maliki, who held the brief of Chief Mike Ozekhome, SAN, said though the matter was scheduled for mention, they had Emefiele’s instruction to withdraw the suit. Maliki said: “Pursuant to the instruction of the plaintiff (Emefiele), we filed a notice of discontinuance dated and filed May 16, 2022 And the said notice of discontinuance was served on all the defendants on that said date of May 16, 2022, which proof of service is before your lordship." The lawyer said of all the defendants, only the 4t...