CBN Bans Using Naira to Buy US Dollars in Nigerian Banks

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“For those who take money from the banks to buy dollars, it is illegal to do so. If the security agencies detain you, you will know the implications,” CBN Governor Godwin Emefiele said on Tuesday. of the meeting of the Monetary Policy Committee (MPC) in Lagos.

Indeed, the central bank of Nigeria has to play goodbye (as in American football) hoping for a touchdown. But most of the time, the Hail Marys are intercepted or reversed. In other words, they rarely work.

Criminalizing free market activities may not address the root cause. Until the apex bank understands that only warehouses and factories (old types and new species) can save Naira, nothing will change. Naira power comes from Kano, Aba, Osogbo, etc. and its improvement is done in warehouses and factories, not at CBN headquarters or bank branches.

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As Naira falls to N625/$, we don’t need any threats. What we need is a plan. Part of this plan even involves preventing the national grid from constantly collapse (6th time already in 2022): “Major Nigerian cities, including the Federal Capital Territory, were plunged into darkness on Wednesday when the country’s power grid collapsed. Electricity distribution companies announced on Wednesday that the collapse occurred around 11:00 a.m. Wednesday’s incident is the sixth reported collapse in 2022.”

He called on Nigerians to illegally exchange naira for dollars as the CBN would carry out investigations and ban those found guilty from transacting in Nigerian banks.

Furthermore, he revealed that the apex bank is monitoring customers and banks, warning that it will not hesitate to sanction banks caught in illegal transactions.

The Central Bank needs support, but it needs to focus on addressing the root causes, even though most of these challenges cannot be resolved on its own. Without electricity, no one can light the Naira.

CBN says it’s illegal to buy dollars with naira – threatens to sanction banks and arrest customers

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