Economy Dollarization - CBN Actions On Landlords, School Owners

The Central Bank of Nigeria (CBN), is set to go after landlords and school owners who demand payment of rents and fees in dollars in Nigeria. The idea is to bring them to book, for breaching the nation’s legal provisions.

Source who briefed the press on the outcome of yesterday’s monetary Policy Committee (MPC), meeting in Abuja, said the Governor of the CBN, Mr. Godwin Emefiele, announced the decision of the MPC to retain Monetary Policy Rate at 13 per cent, explaining that transacting any form of business using dollar in the country was illegal and those involved would face the consequences.

Quoted:

 “The CBN is going take actions. We are going to be looking at areas where people are doing what I call the unholy attitude of attacking the currency and making demands that are not needed''.

“You have heard of dollarization of the economy. We will all take actions to prevent that. The currency for doing business in Nigerian remains the Naira. And we will be looking at areas where people are making demands of foreign currency. People who are landlords, schools owners that are asking for payments in dollars, or transacting business in dollars in Nigeria, is illegal and we will like to advise those involved in these practices to desist from them because CBN will very soon come after them”.