CBN and foreign currency in local transactions

Interestingly, the press statement bears no date and no reference number. In it, the CBN would appear to decry the increasing use of “foreign currencies in the domestic economy as a medium of payment for goods and services”, and called the “attention of the general public” to the provisions of the CBN Act that “the currency notes issued by the Bank shall be legal tender in Nigeria … for the payment of any amount”.

Nduka Ikeyi