CBN distances itself from recommendation to jail foreign currency holders

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The Central Bank of Nigeria has denied being a party to a recommendation by the Nigerian Law Reform Commission which recommended a review of the Nigerian Foreign Exchange Act to the Senate, with a legislation that seeks to bar citizens from holding foreign currencies for more than 30 days.

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It also 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.

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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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