The Central Bank of Nigeria has frowned at the growing practice of trading goods and services in foreign currencies instead of the Naira in Nigeria. The Bank's governor, Godwin Emefiele, said in Abuja on Tuesday at the end of the Monetary Policy Committee meeting that it is illegal for landlords or school proprietors to demand rents or fees in dollars, while transacting other businesses in foreign currencies.
"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.
The CBN governor, who spoke on efforts to check the pressures on the Naira as a result of the unnecessary demands for foreign exchange, said steps must be taken to prevent the dollar dominating the country's economy.