CBN to go after landlords collecting payment in dollars

May 7, 2015 Facebook Twitter LinkedIn Google+ In The News

Since the devaluation of the Naira several weeks ago, landlords and schools in various parts of Nigeria have been demanding payment in US dollars. The Central Bank of Nigeria has frowned at the growing practice of trading goods and services in foreign currencies instead of the Naira in Nigeria.

1000 naira bills, Nigerian currency.

The Bank’s governor, Godwin Emefiele has said that it is illegal for landlords or school proprietors to demand rents or fees in dollars, while transacting other businesses in foreign currencies.

In his exact words: “The official currency for doing business in Nigeria remains the Naira. Collecting rents or school fees in dollars in Nigeria is illegal. We like to advice those involved in these practices to desist from them, because CBN would very soon begin to go after them”