DAILY LAW TIPS
by Onyekachi Umah,Esq.
“Use/Demand for Foreign Currency in Nigeria is a Crime”.
The only allowed currency in Nigeria is Naira. It is an offence punishable with 6 months imprisonment or fine of #50,000.00 for any person(Nigerian or Foreigner), business, professional, school, church, hotel, company, consultant, agency or group, etc (whether locally or internationally owned) to pay, offer, demand, receive or use any currency other than Naira in Nigeria. The Central Bank of Nigeria has power to exempt and has in writing exempted some government agencies from this law.
See section 20 of The Central Bank of Nigeria (Establishment) Act.
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