The Central Bank of Nigeria on Tuesday raised concerns over
the increasing use of foreign currencies as a medium of exchange in the country
and warned that persons caught in the illegal act risked a six-month jail term
upon conviction.
The central bank said in a statement that some individuals
and corporate bodies had been using foreign currencies, especially the United
States dollar, to price some of their products and services, and were also
using same as a medium of exchange.
The development, the bank said, was against the provisions
of the CBN Act, 2007, and asked members of the public to report anyone caught
transaction business in the country in foreign currencies to it or the Economic
and Financial Crimes Commission.
The statement issued by the Director, Corporate
Communications, CBN, Mr. Ibrahim Muazu, read, “The attention of the bank has
been drawn to the increasing use of foreign currencies in the domestic economy
as a medium of payment for goods and services by individuals and corporates.
It added, “Furthermore, the Act stipulates that any
person(s) who contravenes this provision is guilty of an offence and shall be
liable on conviction to a prescribed fine or six months imprisonment.
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