In the wake of the struggle by the Nigeria’s Apex Bank (CBN) to meet the demand for dollars in the foreign exchange market, its governor, Mr. Godwin Emefiele, has declared 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. BusinessNews report.
Following the well-worn path of his predecessors, he said the CBN would in due course go after those who violate the policy.
During a press meeting on the Monetary Policy Committee (MPC), with reporters in Abuja, 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.”
He emphasised profoundly that it is illegal in Nigeria to transact business in foreign currency and advised those involved in the practice to desist from doing so, because the CBN would soon come after them.