CBN not in support of jailing hoarders of dollars – Emefiele

The Central Bank of Nigeria (CBN) says it is not in support of plans by the federal government to jail Nigerians hoarding dollars.

Governor of the apex bank, Godwin Emefiele stated this at a press briefing in Abuja on Tuesday, saying he was notaware of the government’s plans.

He said, “Let me respond to issues about allegations that CBN is planning jail term for people keeping dollars at home, and indeed confiscate dollars that people are keeping, that allegation is untrue.

“There is nothing in our current foreign exchange regulations that (says) people will be jailed or that their dollars will be confiscated.

“But I am also aware; just today, I was told that the Nigerian Law Reforms Commission, was looking at reviewing the exchange regulations,just like they normally would from time to time.

“The Law Reform Commission is an agency of government that has a responsibility for reviewing all laws in the country from time to time, depending on the exigencies.”

Emefiele added that the bank has not been contacted on the issue.

“I am saying here, and categorically, that if we are contacted or whenever it becomes an  issue for discussion, we would advise against the clause that forbids people from keeping their dollars, if they choose to or a law that says that people should be jailed for keeping foreign currency.

“I repeat, there is nothing in our current and extant foreign exchange regulation that says that people will be jailed or their foreign currencies would be confiscated.”

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