Statement made by the Central Bank of Nigeria (CBN)’s Governor, Godwin Emefiele on Naira to Dollar conversion was misinterpreted, the apex bank has clarified.
Gatekeepers News reports that Emefiele was quoted to have said the bank would place a post-no-debit on the bank account(s) of any customer who convert the Naira from their accounts into foreign exchange, during Tuesday’s post-Monetary Policy Committee (MPC) meeting briefing.
CBN’s Director, Corporate Communications Department, Osita Nwanisobi, on Wednesday explained that Emefiele’s statement was directed at politicians who sought to convert the Naira from their accounts into foreign exchange for an election campaign and not those who seek to exchange the currency for legitimate purposes such as payment for tuition and other personal expenses.
Nwanisobi described reports making rounds as attempts by persons to deliberately misrepresent the import of Emefiele’s caution on electioneering spending by the political class.
He reiterated the Bank is against the conduct of unauthorized movement of funds within and outside the country and would use tools at its disposal to check the movement of illicit funds.
While maintaining that the Bank, in line with its mandate, had discretionary power to prevent persons from conducting unauthorized transactions, Nwanisobi said the CBN was within its statutory limits to mop up the excess liquidity in the vaults of the institutions its regulates, so they do not get involved in speculative activities.
He therefore urged Bank customers not to get involved in unauthorized movement of funds for currency conversion in order not to fall foul of the extant laws of the land. Nwanisobi also admonished Nigerians to be more patriotic as it relates to the Naira, noting that it is the duty of every citizen to support the CBN in preserving the intranational value of the Naira.
