
Central Bank of Nigeria
Currency Substitution and Dollarisation of the Nigerian Economy
- 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…