The Central Bank of Nigeria on Tuesday
raised concerns over the increasing use of foreign currencies as a
medium of exchange in the country and warned that persons caught in the
illegal act risked a six-month jail term upon conviction.
The central bank said in a statement that
some individuals and corporate bodies had been....
using foreign
currencies, especially the United States dollar, to price some of their
products and services, and were also using same as a medium of exchange.
The development, the bank said, was
against the provisions of the CBN Act, 2007, and asked members of the
public to report anyone caught transaction business in the country in
foreign currencies to it or the Economic and Financial Crimes
Commission.
Culled - Punch
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