The Central Bank of Nigeria has vowed to arrest and prosecute any citizen of Nigeria who will buy dollars using the naira currency.

The governor of the Central Bank of Nigeria, Godwin Emefiele during a speech at the Monetary Policy Committee (MPC) meeting in Lagos said that the act is an illegal act.

“For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that,” Godwin Emefiele, CBN governor, said.

Mr. Emefiele urged Nigerians illegally exchanging naira for dollars to desist from partaking in the act while reading the riot to bank customers. Adding that the apex bank would conduct investigations and arrest those found guilty of conducting such transactions in Nigerian banks.

The CBN governor disclosed the apex bank’s monitoring of customers and banks, warning that the CBN would sanction banks caught in illegal transactions.

“We will conduct investigations, and we will have proof, and you will not be able to conduct transactions in any Nigerian bank. We will place ‘post no debit’ on the defaulting customer’s account. It is a very inj¥rious tool to stop you from conducting illegal flows, either domestic or foreign currency,” added the CBN governor.

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