Wednesday, 25 March 2015

CBN threatens to go after landlords, schools that demand payment in dollars

The Central Bank of Nigeria has threatened to go after schools and landlords in Nigeria that demand fees and rents in dollars. Rising from its Monetary Policy Committee meeting in Abuja yesterday March 24th, the CBN maintained that the only currency officially recognized for business in Nigeria is the Naira.
“The official currency for doing business in Nigeria remains the Naira. Collecting rents or school fees in dollars in Nigeria is illegal. We like to advice those involved in these practices to desist from them, because CBN would very soon begin to go after them,” Mr. Emefiele warned.
He said steps must be taken to prevent the dollar dominating Nigeria's economy.

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