Despite a Central Bank of Nigeria (CBN) directive that foreign currency shouldn’t be spent on services rendered in the country, the dollarization of the Nigerian economy continues.
CBN’s ‘no dollar payment’ rule still being disobeyed
The CBN had warned in March 2015 that doing business in dollars within the shores of Nigeria was illegal and could result in prosecution.
However, some private schools, stores and hotels in Lagos and Abuja have continued the trend, according to The Guardian.
The CBN issued the warning due to the fall of the Naira against the dollar and reiterated that the only legal tender in Nigeria is the local currency.
The apex bank also reduced the amount spendable on Nigerian debit cards abroad from $150,000 to $50,000 in a bid to further protect the Naira.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Gov Alia vows to demolish property housing kidnappers, Yahoo boys in Benue
Tinubu appoints former Rivers lawmaker, ex-Naval officer as heads of NESREA, NDRBDA
Court accuses EFCC boss of contempt over handling of Yahaya Bello's case
Fubara donates ₦350m as Navy moves training headquarters from Lagos to Rivers
Bandits invade Defence Minister's hometown, kill 1, abduct scores
Cardiologist bags 4-year jail term over patient deaths
We must continue to support President Tinubu - Ododo tells Kogi residents
Tinubu appoints Zenith Bank founder Jim Ovia to chair student loan fund
Husband begs IGP to find his wife who went missing on official police duty
ADVERTISEMENT