What Will Happen To You If You Use Naira To Buy Dollars – CBN Reveals | DETAILS

The Central Bank of Nigeria (CBN) says it is illegal to use Naira in exchange for dollars. CBN governor, Godwin Emefiele disclosed this on Tuesday, while reading the riot act to bank customers at the Monetary Policy Committee (MPC) meeting in Lagos state.

Emefiele warned Nigerians to desist from using the Naira to buy dollars, adding that any individual or bank found engaging in such illegal act, would be arrested and prosecuted.

“For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that.”

“We will conduct investigations, and we will have proof, and you will not be able to conduct transactions in any Nigerian bank. We will place ‘post no debit’ on the defaulting customer’s account. It is a very inj¥rious tool to stop you from conducting illegal flows, either domestic or foreign currency,” Emefiele said.

The warning followed the central bank’s efforts to prevent further deterioration of the Naira’s value and the country’s economy.