Tuesday, March 28, 2023
  • Login
No Result
View All Result
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
No Result
View All Result
The News Beam
Home News Business & Economy

2023 Elections: We won’t allow politicians convert naira to dollars-CBN

July 21, 2022
in Business & Economy, Politics
Reading Time: 2 mins read
0
A A
0
CBN Headquarters, @Abuja

CBN Headquarters, @Abuja

Share on FacebookShare on Twitter

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. 

READ ALSO

  • EXCLUSIVE! 5 Locations for Quality Children’s Clothes at Good Price in Lagos
  • (Video) e-Naira: Youths in dancing competition in market awareness Campaign
  • Why Marriage Helps People Generate More Wealth
  • How to earn 10% interest on your Small Savings
  • How I turned my “small” travel blog to a 6-figure business-Female Blogpreneur
  • 10 Lucrative Side Hustles to Support your Business
Tags: CBNdollarsElectionEmefieleForex
ShareTweetSend
Previous Post

Banks suffer 11% reduction in new loans as customers resist interest rate hike

Next Post

Nigeria’s mining sector records 25.3m tons increase in production

Related Posts

Politics

Guber Elections: Tech leaders launch Collate, a live-result viewing platform

March 16, 2023
69
Business & Economy

Bread and Cereal push Nigeria’s inflation rate to 21.91% in February

March 15, 2023
21
Business & Economy

CBN bows to Supreme Court, says old N200, N500, N1000 remain legal tender

March 13, 2023
52
Business & Economy

Naira scarcity: Nigerians use PoS for 113.5 million transactions in February 

March 13, 2023
13
Business & Economy

Naira Scarcity: Buhari says CBN has no reason not to comply with Supreme Court Judgement on old N500, N1000

March 13, 2023
67
Politics

2023 Elections: UK  threatens  visa ban against  electoral violence perpetrators

February 21, 2023
33
Next Post
Nigeria’s mining sector records 25.3m tons increase in production

Nigeria’s mining sector records 25.3m tons increase in production

Inflation rate trend & projection (Financial Derivatives Company Limited)

Naira depreciation: Nigeria to record highest inflation rate in 16yrs -Financial Derivatives Company

Leave a Reply Cancel reply

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

I agree to the Terms & Conditions and Privacy Policy.

  • Trending
  • Comments
  • Latest
How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

October 16, 2020
Covid-19: See List of Vaccination Centers in Lagos State

Covid-19: See List of Vaccination Centers in Lagos State

August 19, 2021
Banks suffer 11% reduction in new loans as customers resist interest rate hike

CBN reveals 9 Business Categories that recorded Increased Activity This Month

9
BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from 'Anonymous' hack

BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from ‘Anonymous’ hack

7

Guber Elections: Tech leaders launch Collate, a live-result viewing platform

March 16, 2023

Bread and Cereal push Nigeria’s inflation rate to 21.91% in February

March 15, 2023

Categories

  • Agriprenuers (12)
  • Books & Arts (7)
  • Business & Economy (442)
  • Capacity Building (25)
  • CDAs (2)
  • Community Champions (1)
  • Crime (196)
  • DEVELOPMENT (74)
  • Development Agencies (109)
  • Economy (319)
  • Education (193)
  • Entertainment (405)
  • Faith (55)
  • Finance (342)
  • Global (103)
  • Guest Columnists (17)
  • Health (56)
  • Health (242)
  • Industry (149)
  • LGAs (1)
  • Lifestyle (98)
  • MGDs (10)
  • News (2,305)
  • Politics (376)
  • Projects (2)
  • Relationships (70)
  • Security (164)
  • SMEs (15)
  • SPECIALS (88)
  • Sports (311)
  • Street Money (9)
  • Tech (138)
  • Teens World (3)
  • The Entrepreneur (26)
  • Uncategorized (74)
  • Your Community (33)
  • Youthprenuers (14)
No Result
View All Result
News
Politics
Business & Economy
Sports
Entertainment
Global

Development

Health
Education
MGDs
Development Agencies

Your Community

CDAs
LGAs
Projects
Community Champions

The Entrepreneur

Street Money
SMEs
Youthprenuers
Agriprenuers
Capacity Building

Specials

Lifestyle
Relationships
Books & Arts
Faith
Teens World
Guest Columnists

Follow Us

  • About Us
  • Contact Us
  • Terms of Usage
  • Privacy Policy
  • Advert Rates
  • Newsletters
  • Resources
  • Submit a Story
No Result
View All Result
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
  • Login

© 2020 The News Beam is the highest circulated and most read newspaper in Nigeria. The online portal of The News Beam is the most visited website in the world.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Subscribe With The News Beam