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Central Bank of Nigeria

Currency Substitution and Dollarisation of the Nigerian Economy

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Author
Central Bank of Nigeria
Year
2015
Pages
2 pages

This circular reiterates that the Naira is Nigeria’s only legal tender and warns against currency substitution and dollarisation. It prohibits pricing, denominating, offering, accepting, or settling domestic products and services in foreign currency, directs deposit money banks to stop collecting foreign currencies for domestic transactions…

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