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CBN distances self from alleged moves to jail forex holders, seize Dollar accounts

The Central Bank of Nigeria (CBN) has distanced itself from reported plans to amend the Foreign-Exchange Act to provide for the imprisonment of anyone who holds foreign currencies, particularly the United States dollars, for more than 30 days. The apex bank said on Monday night that it has nothing to do with such legislation.


CBN Acting Director, Corporate Communications, Isaac Okorafor, stressed that the bank, in line with its mandate, is committed to safeguarding the international value of the country’s legal tender currency. He, however, denied knowledge of the proposed clause recommending a jail term for as long as two years or a fine of 20 per cent of the amount for any holder of foreign exchange in cash.


“To the best of my knowledge, the Central Bank of Nigeria (CBN) has not proposed any bill seeking to arrest and jail persons holding foreign exchange for more than 30 days,” Okorafor told journalists in Abuja.

He also denied that the CBN was planning to confiscate funds in domiciliary accounts of individuals, saying any such claim was false.

•Photo shows CBN Governor Godwin Emefiele.

Source News Express

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