The Central Bank of
Nigeria has denied being a party to a legislation that seeks to bar
citizens from holding foreign currencies for more than 30 days.
The Nigerian Law Reform Commission had
recommended a review of the Nigerian Foreign Exchange Act to the Senate.
It recommended that people who have foreign currencies in their
possession for more than 30 days should be jailed for up to two years or
pay a fine of 20 per cent of the amount.
Reacting, the Acting Director, Corporate
Communications, CBN, Mr. Isaac Okorafor, denied knowledge of the proposed
clause recommending a jail term of two years for any holder of foreign exchange
in cash or a fine of 20 per cent of the amount.
He stressed that the apex bank, in line with
its mandate, was committed to safeguarding the international value of the
country’s legal tender.
He said, “To the best
of my knowledge, the Central Bank of Nigeria has not proposed any bill seeking
to arrest and jail persons holding foreign exchange for more than 30 days.”
He also denied that the CBN was planning to
confiscate funds in domiciliary accounts of individuals, saying such a claim
was false.
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