DAILY LAW TIPS by Onyekachi Umah,Esq. (Tip 117) “Use/Demand for Foreign Currency in Nigeria is a Crime”.

DAILY LAW TIPS
by Onyekachi Umah,Esq.
(Tip 117)
“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.

NOTICE!

Join the #SabiLawChallenge, make a one minute video of yourself on any law/right you know and win #20,000.00. Ts & Cs apply. Join for free with the link below;

https://learnnigerianlaws.com/index.php/law-articles/law-in-practise/111-official-release-of-the-sabilawchallenge-the-world

#DailyLawTips
#SabiLaw
#LearnNigerianLaws

To receive our Daily Law Tips for free follow our Facebook page, Twitter, Instagram and YouTube via “@LearnNigerianLaws”.

Powered by www.LearnNigerianLaws.com

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

One Response

Leave a Reply

Your email address will not be published. Required fields are marked *

More

Related Posts