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

Post a Comment

Type your comments here

Popular posts from this blog

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.
Post a Comment
Read more

Floyd Mayweather In Tears Of Joy, As He Is Inducted Into International Boxing Hall Of Fame

  Floyd Mayweather is now inducted into the Hall of Fame. At the induction ceremony, he expressed his gratitude towards his father for introducing him to boxing. After winning every belt throughout his career, the former boxer made the Hall of Fame along with legends Wladimir Klitschko and Andre Ward. The boxer could not hold back tears of joy. "I said that I wouldn't cry," Mayweather said. "This is unbelievable. This is one of the best days of my life. "I love my dad because without him this wouldn't be possible for me." Accepting the honour, Mayweather said: “I done a lot in my career, but this is by far the best,” crediting his mum, dad and sister for much of his success. “I want to thank the International Boxing Hall of Fame for giving me this. This right here is going to my dad because he deserves it. Bernard Hopkins said it best — `You’ve got to earn it.′ — and my dad earned this ring. “I want to say thank you to everybody for your support. I want...
Post a Comment
Read more

Kaduna-Abuja Train Attack: I Said No To Terrorists Commnader’s Marriage Proposal – Azurfa Lois John

Tukur Mamu, a negotiator of victims held hostage and the Publisher of Desert Herald, had on August 20, 2022 raised an alarm that the terrorists’ commander had fallen in love with the 21-year- Azurfa Lois John, a victim of the train attack.  In an interview with newsmen on Tuesday, Azurfa Lois John, who was among the 23 released Abuja-Kaduna train victims, said the terrorists’ commander proposed to marry her but she rejected the offer. She said, “Yes, it is true that one of the terrorist commanders picked and proposed to marry me but it was just an offer and I rejected it. "I was not the only one the terrorists offered to marry. They would just ask you, I want to marry you, I want to keep you and I want you to change your religion and convert to my religion. So, it is left for you to either agree or reject,” she said. According to her, from the scene of the attack, “I saw that the train just derailed, the terrorists entered the train, they started shooting sporadically and they ask...
1 comment
Read more