• CBN distances itself from recommendation to jail foreign currency holders

    CBN distances itself from recommendation to jail foreign currency holders

    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.

    It also┬árecommended 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 […]