The Central Bank of Nigeria (CBN) has vowed to arrest and prosecute any Nigerian caught using naira to buy dollars.
The governor of the Central Bank of Nigeria, Godwin Emefiele, made the announcement on Tuesday, July 19, at the Monetary Policy Committee (MPC) meeting in Lagos.
“For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that,” the governor said.
Mr. Emefiele urged Nigerians illegally exchanging naira for dollars to stop, adding that the apex bank would conduct investigations and bar those found culpable from conducting transactions in Nigerian banks.
“We will conduct investigations, and we will have proof, and you will not be able to conduct transactions in any Nigerian bank. We will place ‘post no debit’ on the defaulting customer’s account. It is a very injurious tool to stop you from conducting illegal flows, either domestic or foreign currency”, he added.