The Central Bank of Nigeria, CBN, has said it will now allow politicians to convert the Naira from their accounts into foreign exchange for the 2023 election campaign.
Osita Nwanisobi, Director, Corporate Communications Department, CBN, stated this in a chat with newsmen in Lagos to clarify a recent statement made by Governor of the apex bank, Godwin, warning bank customers against converting the naira to foreign exchange, for electioneering purposes.
According to Nwanisobi, the warning by the CBN Governor was to those who sought to convert the Naira from their accounts into foreign exchange for election campaign and not those who seek to exchange the currency for legitimate purposes such as payment for tuition and other personal expenses.
Reiterating the apex bank’s position, he said the CBN also frowned at the conduct of unauthorized movement of funds within and outside the country and would use tools at its disposal to check the movement of illicit funds.
While maintaining that the CBN in line with its mandate, had discretionary power to prevent persons from conducting unauthorized transactions, Nwanisobi said the CBN was within its statutory limits to mop up the excess liquidity in the vaults of the institutions its regulates, so they do not get involved in speculative activities.
He therefore urged bank customers not to get involved in unauthorized movement of funds for currency conversion in order not to fall foul of the extant laws of the land. Nwanisobi also admonished Nigerians to be more patriotic as it relates to the Naira, noting that it is the duty of every citizen to support the CBN in preserving the intranational value of the Naira.
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