In response to the Central Bank of Nigeria’s press release asserting that the Naira is the sole legal tender in Nigeria, Bayo Onanuga, Special Advisor to President Bola Ahmed Tinubu on Information and Strategy, responded. CONTINUE FULL READING>>>>>
The Central Bank of Nigeria issued the statement as a result of some individuals and corporations using foreign currencies as a payment method more frequently within the country’s economy.
In the press statement that was titled “The use of foreign currency as a medium of exchange In Nigeria”, the Central Bank of Nigeria noted that the Naira remains the legal tender in the country and the general public shouldn’t hesitate to report anyone caught using foreign currencies as a medium of exchange in Nigeria.
Reacting to the report, Bayo Onanuga said the CBN has clarified that only the Naira should be used as medium of exchange because it is the legal tender in Nigeria.
Bayo Onanuga wrote on his page;
“For the avoidance of doubt, only the Naira issued by CBN is the legal tender in Nigeria, not the US dollar. This is the law”. CONTINUE FULL READING>>>>>
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