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CBN engaging in fraudulent anti-citizen policies

05 May 2015, 11:03 Peregrino Brimah

  • A Kakistocracy is recognized by its imposition of Bank managing directors as CBN governors – Perry Brimah, 2015

Sequel to our recent articles on the violations of the financial freedom and rights to life free from grift and extortion, by the Central Bank of Nigeria, CBN, we herewith provide evidence that the CBN under governorship of Godwin Emefiele of Zenith bank is engaged in a conspiracy with the banks to defraud Nigerian citizens and is purposefully violating the CBN Act and Nigerian constitution.

CBN Lied: 2007 Act Does Not Prescribe Jail For Dollar Transactions

On the 8th of April 2015, the CBN issued a statement warning the general public of a jail consequence for transacting any local business in dollars. See Punch: Use dollars for local transactions, go to jail – CBN


“For the avoidance of doubt, the attention of the general public is hereby drawn to the provision 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.’”

The notice, as relayed by the Punch went on to threaten:

“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.”

Herewith we provide the link to the CBN Act of 2007: http://www.cenbank.org/OUT/PUBLICATIONS/BSD/2007/CBNACT.PDF

The public is urgently invited to review this document in entirety to verify the existence of stated penalty for the so-called ‘offense’ as stated by the CBN this April.

Also Read: CBN has decided to limit our freedom to our money

Section 21(5) of the 2007 Act manipulated by the CBN for this latest act of deceit and subjugation of the masses states:

“A person who refuses to accept the Naira as a means of payment is guilty of an offence and liable on conviction to a fine of N50,000 or 6 months imprisonment:

“Provided that the Bank shall have powers to prescribe the circumstances and conditions under which other currencies may be used as medium of exchange in Nigeria.”

In an act of fraud, the CBN alleged that the Act defined thus, “the Act stipulates that any person(s) who contravenes this provision.

Whereas the act states: “A person who refuses to accept the Naira;” and DOES NOT threaten or accord punishment for a person who receives or transmits dollars.

While the Act of 2007 is ambiguous in its statements, the CBN was purposefully being mischievous and fraudulent in interpretation of the law with intent to harass and intimidate Nigeria’s masses. “Refusing to accept naira” is what the Act criminalized, not transacting in and transmitting dollars.

While according to the Act, the Bank reserves the right to dictate the conditions where other legal tenders may be enforced for transacting business, such must be formally documented and stated clearly and categorically as new laws and guidelines as these provisions are not contained in the Act of 2007.

CBN Gives Foreigners Preferential Treatment Over Nigerians With Illogical Permission

Assuming a new legislative circular by the CBN, it is unfathomable why the Bank as broadcast in its publicity messages permits foreigners to conduct business within Nigeria in foreign currency while Nigerians are barred.

Also Read: CBN Governor Emefiele drives Nigerians like slaves

The CBN press releases and notices sent by banks states:

“This prohibition, however, is without prejudice to foreigners, visitors and tourists who are encouraged to continue to use their cards for payments…”

Is this voluntary colonization? Why are foreigners exempted? Are Nigerians exempted from the provisions foreigners are bound to in their countries?

We ask, if a merchant wishes to sell to a presumed foreigner, how will the foreigner’s status be checked? Will merchants ask for ID? Do merchants have the requisite skill to verify authentic foreign IDs? Are these CBN people literate at all?

How will such merchants prove to the CBN that they received the foreign payments in their accounts from the PoS from a foreigner? Does this mean the merchants must make a sensitive photocopy of the foreigners ID when a sale is made? Or call Godwin’s hotline first?

Most Critical: Inability To Buy Dollars Violates Constitutional Rights

The continued illegal deprivement of citizens’ ability to easily purchase foreign exchange at banks is a violation of Nigerians constitutional rights.

Procuring dollars apart from via the CBN and coterie banks run Black market is literally impossible. Form M can never be filled right if you are not a cabal and do not have the right sort of connection. The impossibility of filling the required forms to purchase dollars along with obtaining all necessary documents from abroad to purchase dollars purposefully destroys the ability of small businesses to procure necessary dollars for imports.

Also Read: Naira loses N3 against dollar at BDCs

The Central Bank by allowing the Black market in Nigeria is violating Nigerians’ rights and promoting illegal Bank business.

In all countries in the world including neighboring Ghana, you can simply waltz into a Bank or official Bureau d’change and purchase dollars into your domiciliary account. Dollars is not hoarded. In Ghana for instance, while the dollars purchased can only be easily withdrawn after it is converted into the local currency within the Bank, citizens are allowed the right to buy dollars in their accounts without tedious and illegal forms and limitations.

Continued Bank Charges In Cashless Policy Violate Constitutional Rights, Another Fraud

Fines for deposits and withdrawals are a violation of Nigerians’ fundamental human rights. Citizens all over the world are attracted by rewards to save their money in the bank and not fined by the Bank Cabal and their partner CBN governors. Fines to deposit, transfer and withdraw are not only illegal but a violation of fundamental human rights.

These fines are one more in a list of violations the CBN has authorized Bank cabal to perpetrate against Nigerian masses. We have listed many of these levies in earlier writings on ENDS.ng.

Whereas the real reason for the weakening foreign reserves is governing cabal looting, laundering and ruling party political dollar raining, and the CBN-Bank promoted Black market extortion of masses, it is the poor and struggling small business men and women of Nigeria that these Bank manager CBN governors this kakistocratic ruling party always chooses, decide to financially incarcerate.

We would like to ask the CBN: these cashless fines for transactions and all other new levies, whose account does the money go to? Is it collected by the banks to the state purse… or to charity? If it is the banks, is there a reason the banks are being given our money in fines under a so-called cashless cover? Does this have anything to do with the present and immediate former CBN governors as selected by this kakistocratic government, being former Bank MDs?

We urge Nigerian citizens to demand and protect their rights.

- MyNews24

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

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