The Central Bank of Nigeria (CBN) has clarified the statement made by
the Governor, Godwin Emefiele, at Tuesday’s post-Monetary Policy Committee
(MPC) meeting briefing, warning bank customers against converting the naira to
foreign exchange, for electioneering purposes.
The Bank’s Director, Corporate Communications Department, Mr. Osita Nwanisobi,
made the clarification in a chat with newsmen in Lagos, on Wednesday, July 20,
2022, following what he described as attempts by persons to deliberately
misrepresent the import of Mr. Emefiele’s caution on electioneering spending by the
political class.
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 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 Bank, 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.