Central Bank Of Nigeria (CBN) Set To Reprimand Organizations Who Demand Fees And Payments In US Dollars

The Central Bank of Nigeria yesterday warned schools, landlords and any other organization in Nigeria who demand fees and rents in dollars to stop now or be ready to face the consequences. 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.