Economy

Dollar conversion: CBN to block bank customers’ account

The Central Bank of Nigeria has said it will place A ‘Post no Debit’ on the accounts of customers, especially politicians, converting the naira to the dollar as electioneering spending spiked.

CBN Governor, Godwin Emefiele, stated this during the Monetary Policy Committee meeting in Lagos, where he disclosed the increase in the interest from 13 per cent to 14 per cent.

Emefiele said, “As far as we are concerned, we monitor liquidity in the subsystem. We will use our powers to mop us cash and for those taking money from banks to buy dollars. It is illegal to do so. If the security agencies hold you, you will know the implication of that.

“We are monitoring customers and banks, any banks involved will be sanctioned. We will place Post no Debit on the defaulting customer’s account. It is a very injurious tool to stop you from conducting illegal flows, either domestic or foreign currency.

“We will conduct investigations, and we will have proof and you will not be able to conduct transactions in any Nigerian bank.”

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