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

In The Spotlight

Ed Sheeran shared a rare photo with his wife Cherry Seaborn as she turns 30 years old. The singer posted a sweet snap of him cuddling up to Cherry in a hammock on a sunny day. Ed shared the photo on Instagram, he wrote, “HBD to ma baby mama. 30 looks good on you.” To the delight of his 38 million Instagram followers. In the picture, Cherry holds a bottle of drink, as she stares adoringly at her childhood sweetheart, Ed Sheeran. Ed is a mega superstar and famous around the world, he remains incredibly private when it comes to his personal life.

Israel To Pump Water From The Mediterranean sea, To Top Up The Sea Of Galilee

The Sea of Galilee, Israel, despite its name, the Sea of Galilee in northern Israel is actually a freshwater lake, and it's one that has sustained life for millennia. Even today, the lake irrigates vineyards and local farms that grow everything from green vegetables to wheat and tangerines. Its archeology, hot springs and hiking trails bring tourism and livelihoods for local communities. But this place of religious pilgrimage — where the New Testament says many of Jesus' miracles were performed — is facing a bleak future, CNN reports. The climate crisis is causing huge fluctuations in the lake's water levels. Now it happens to be fairly full, but just five years ago, it hit a record low. Climate change and unsustainable water management are leaving lakes dried up all over the Middle East and beyond, but the Israeli government is hopeful it has a solution: It plans to pump water from the Mediterranean sea, take the salt out of it and send it across the country to top up th...

THE SARKIN BAI AND KINGMAKER MUKTAR ADNAN, IS DEAD.

Kano Emirate’s longest serving kingmaker and former district head of Dambatta, Mukhtar Adnan, has died.

Welcome To Echo Blog

Search This Blog