Emefiele: It’s Illegal to Transact Business in Dollars in Nigeria

As the Central Bank of Nigeria (CBN) struggles to meet demand for dollars in the foreign exchange market, its governor, Mr. Godwin Emefiele, has takenthe well-worn path of his predecessors by declaring that the currency for transacting business in the country remains the naira, warning that it is illegal to carry out transactions using the US dollar.


He said the CBN would in due course go after those who violate the policy.

Addressing journalists in Abuja after the two-day meeting of the Monetary Policy Committee (MPC), he said: “We will be looking at areas where people are making demands for foreign currency; people who are landlords who are asking for rent in dollars; schools that are asking for school fees in dollars or transacting business in dollars.”

Read More: Thisday Live

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