CBN warns against using foreign currency as legal tender in Nigeria

Admin I Monday, Feb. 04, 2024

LAGOS, Nigeria – The Central Bank of Nigeria CBN has warned Nigerians and foreigners living in the country against using foreign currencies as legal tender .

A statement signed by Director Corporate Communications, Dr. Ibrahim Mu’azu, noted that the CBN Act of 2007 states ” currency notes issued by the bank shall be legal tender in Nigeria … for the payment of any amount”.

The CBN urged Nigerians to report any breach to the Economic and Financial Crimes Commission, EFCC and the CBN for appropriate sanctions.

He said the prohibition is ” however without prejudice to foreigners visitors, tourists who are encouraged to continue to use their cards for payments or exchange their foreign currency for local currency at any of the authorized dealers”, he said.