The Central Bank of Nigeria (CBN) has warned bank clients sternly not to exchange Naira for dollars, especially politicians.
The CBN claims that the bank’s customers’ behavior violates its foreign exchange policy guidelines.
This was said by the Governor of the Central Bank, Godwin Emefiele, during a meeting of the Monetary Policy Committee (MPC).
The CBN would impose a “Post No Debit” on the account(s) of any client breaking its guidelines, Emefiele warned.
“As far as we are concerned, we monitor liquidity in the subsystem. We will use our powers to mop up cash 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 banks 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 that you will not be able to conduct transactions in any Nigerian bank.”
