CBN seek powers to stop Nigerians from keeping dollars, pounds at home

The Central Bank of Nigeria, CBN, is seeking to criminalize possession of foreign currency for more than 30 days, without depositing it in a bank.

This is contained in a document called the ‘Working Paper’, where the apex bank is proposing new amendments to the Foreign Exchange, Monitoring and Miscellaneous Exchange Act (FEMM).

Signed in 2014, the law liberalized the foreign exchange market in the country, allowing foreign investors to import and repatriate money freely.

CBN believes this is deeply flawed, especially in the current recession Nigeria is facing.

The Working Paper has been shared to members of the Chartered Institute of Bankers of Nigeria (CIBN) and has also been uploaded to the website of the Nigerian Law Reform Commission.

-DailyPost