In Nigeria 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.

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Central Bank of Nigeria (CBN) Governor, Godwin Emefiele play

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele

(Sweet Crude Report)
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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.

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.

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