Abuja - The Central Bank of Nigeria (CBN) has faulted the increasing cases of currency substitution and dollarisation of the economy, Nation reports.
CBN Banking Supervision Director Tokunbo Martins said the Naira remain the only legal tender in this country.
Martins warned the general public that it is illegal to price or denominate the cost of any product or service (Visible or Invisible) in any foreign currency in Nigeria and no business offer or acceptance should be consummated in Nigeria in any currency other than the Naira.
Also read: CBN warns Nigerians against use of foreign currencies for domestic transactions
“Please be reminded that Section 15 of the CBN Act 2007 provides that the unit of currency in Nigeria shall be the Naira. Section 20 (1) of the same Act provides that the currency notes issued by the Bank shall be legal tender in Nigeria at their face value for the payment of any amount and Section 20 (5) further provides that 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 or six months imprisonment,” she said in a statement.
She advised deposit money banks operating in the country to desist from the collection of foreign currencies for payment of domestic transactions on behalf of their customers and the use of their customers’ domiciliary accounts for making payments for visible and invisible transactions like fees, charges, licenses among others originating and consummated in Nigeria.
Read more at Nation
- News 24