USE FOREIGN CURRENCY FOR LOCAL TRANSACTIONS AND RISK A SIX MONTH JAIL TERM-CBN

The Central Bank of Nigeria (CBN) on Tuesday in a statement by its Director of Corporate Communication, Mr. Ibrahim Muazu warned persons using foreign currencies as a means of exchange in the country, as anybody caught in the illegal act risks a six month jail term upon conviction.

The CBN has raised concerns that some individuals and corporate bodies were using foreign currencies especially the US dollar to price their goods and services.

The Central Bank of Nigeria says this is against CBN act of 2007 and asked members of the public to report anyone caught in the act to the Economic Financial Crimes Commission (EFCC).