CBN warns Nigerians to stop converting naira to dollar

The Central Bank of Nigeria (CBN) has issued a stern warning to Nigerians converting Naira to the US dollar.

According to CBN, it would place a post-no debit on bank account(s) of any customer violating this rule.

Governor of the apex bank, Godwin Emefiele who read the riot act during the Monetary Policy Committee (MPC) meeting on Tuesday, specifically warned politicians amid rising electioneering spending.

The CBN governor said: “As far as we are concerned, we monitor liquidity in the subsystem. We will use our powers to mop up cash and 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 are monitoring customers and banks, any bank involved will be sanctioned. We will place Post no Debit on the defaulting customer’s account. It is a very injurious tool to stop you from conducting illegal flows, either domestic or foreign currency.

“We will conduct investigations, and we will have proof and you will not be able to conduct transactions in any Nigerian bank.”