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Violators to pay fine, 6 months imprisonment as CBN bans use of foreign currencies in Nigeria
Violators to pay fine, 6 months imprisonment as CBN bans use of foreign currencies in Nigeria
The Central Bank of Nigeria (CBN) has warned against the use of foreign currencies in the domestic economy as a means of payment for goods and services by individuals and corporate organisations, revealing consequences for its violation to include a fine or six-month prison term.
This is an apparent move to restore the value of the Naira against the backdrop of the current forex crisis in the country.
The apex bank drew the attention of the general public to the provisions of the CBN Act, 2007, which stipulates, among others, the use of local currency as a legal tender in Nigeria and the consequences for its violation, which include a fine or six-month prison term.
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A statement signed by the CBN director of Corporate Communications on Sunday said 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, advising members of the public to report any contravention of the provision of the CBN Act to the Economic and Financial Crimes Commission (EFCC) and the CBN for appropriate action against defaulters.
“It has also been observed that some institutions price their goods and services in foreign currencies and demand payments in foreign currencies rather than the domestic currency (the Naira), which is the legal tender in Nigeria.
“For the avoidance of doubt, the attention of the general public is hereby drawn to the provisions of the CBN Act of 2007, which states inter-alia that “the currency notes issued by the bank shall be legal tender in Nigeria, for the payment of any amount.
“However, 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.
“This prohibition, however, is without prejudice to foreigners, visitors and tourists who are encouraged to continue to use their cards for payments or exchange their foreign currency for local currency at any of the authorized dealers’ outpost.
“The general public is hereby advised to report any contravention of the provision of this Act to the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) for appropriate action,” the statement said.
Violators to pay fine, 6 months imprisonment as CBN bans use of foreign currencies in Nigeria
Naira rebounds, gains N28.15 against dollar
The Naira on Tuesday closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for Naira.
The percentage increase is significant when compared to the previous trading date on Monday, April 29.
The local currency experienced about two weeks steady fall by exchanging at N1,419 to a dollar.
The success story was replicated in the volume of currency traded, as the total daily turnover increased.
The daily turnover stood at 225.36 million dollars on Tuesday up from 147.83 million dollars recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,450 and N1,200 against the dollar.
Naira rebounds, gains N28.15 against dollar
Naira appreciate, gains further by 1.8% against dollar
The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar on Tuesday.
Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the dollar.
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However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday.
Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
The reports gathered that the Central Bank of Nigeria(CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira appreciate, gains further by 1.8% against dollar
Petroleum Ministry, NNPC Ltd., others brainstorm on oil, gas development
Retreat
The Ministry of Petroleum Resources as well as its agencies and parastatals are expected to brainstorm on emerging developments in the oil and gas industry, at a sectoral retreat scheduled to hold in Abuja.
Mrs Oluwakemi Ogunmakinwa, Deputy Director, Press and Public Relations, Ministry of Petroleum Resources, said in a statement on Sunday that the retreat would focus on the Ministerial Deliverables (2023-2027) for the oil and gas sector.
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The retreat with the theme: “Building Synergy for Enhanced Development in the Oil and Gas Sector” would hold between March 26 and March 28.
Ogunmakinwa stated that the retreat would also fashion the way forward for the industry as earmarked by President Bola Tinubu.
“In the course of the retreat, heads of agencies under the ministry will be required to make presentations on the mandate, vision and mission of their respective organisations,” she stated.
According to Ogunmakinwa, the Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri and the Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo will be attending the retreat.
The Permanent Secretary, Ministry of Petroleum Resources, Amb. Nicholas Agbo Ella, Directors in the Ministry, as well as the Chief Executive Officers (CEOs) and Directors from the Agencies under the supervision of the Ministry would also be in attendance.
It would be recalled that President Bola Tinubu had the first year Ministerial Retreat with Ministers, Presidential Aides, Permanent Secretaries and top government functionaries from Nov. 1 to Nov. 3, 2023.
The retreat by the president was to chart a path for progress and prosperity of the nation, where he charged the participants to deliver on their mandates for the sake of Nigerians.
Petroleum Ministry, NNPC Ltd., others brainstorm on oil, gas development
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