CBN vows to arrest Nigerians using naira to buy dollars

The Central Bank of Nigeria (CBN) has threatened to arrest and prosecute any Nigerian who is caught buying dollars with naira, Charmingpro reports 


CBN Governor Godwin Emefiele announced this on Tuesday, July 19, during a meeting of the Monetary Policy Committee (MPC) in Lagos.



He stated: “It is illegal to withdraw money from banks in order to purchase dollars. You will understand the implications if you are detained by security agencies.”



Mr Emefiele urged Nigerians to stop illegally exchanging naira for dollars, saying the central bank would conduct investigations and bar those found guilty from conducting transactions in Nigerian banks.


He continued: “We will conduct investigations, have proof, and you will be unable to conduct transactions in any Nigerian bank. We will put a ‘post no debit’ on the account of the defaulting customer. It is a very harmful tool for preventing illegal flows of either domestic or foreign currency.”


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