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22 May 2015



 

MAY 2015 – The Central Bank of Nigeria (CBN) has made further clarifications on some of the provisions of its 17 April, 2015 circular on Currency Substitution and Dollarisation of the Nigerian Economy.

In a new circular dated May 21, 2015 issued by the Director for Banking Supervision on the same subject of Currency Substitution and Dollarisation of the Nigerian Economy, the CBN reiterated that the pricing of goods and services in Nigeria shall continue to be in Naira only, and that it is a criminal offence to refuse the Naira as a legal tender for payment in the exchange of goods and services  in Nigeria.

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