It’s not true, CBN won’t jail anybody for keeping dollars at home, Emefiele assures

The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has refuted claims that the bank is looking at a jail term for Nigerians who hoard dollars at home for more than 30 days.

The Senate had on Monday expressed surprise at a recommendation by the Nigerian Law Reform Commission (NLRC) for a review of the Nigerian Foreign Exchange Act in order to empower the Central Bank of Nigeria to jail people for up to two years or fine them for 20 per cent of the amount of the foreign currency held in their possession for more than 30 days.

In a statement signed by its spokesperson, Senator Aliyu Sabi Abdullahi, the Senate stated that with its focus on boosting investor’ confidence in the nation’s economy, such move as proposed by the Commission which will prevent investors from making free entry and free exit from the market will be outrightly rejected by its members.

However, reacting on the issue on Tuesday in Abuja during a news conference, Emefiele refuted any such plan by the CBN, adding that there was nothing in the nation’s current foreign exchange regulations that says people would be jailed or that their dollars would be confiscated.

Read also: Senate vows to fight CBN over proposed powers to jail anyone with forex

Acknowledging he was aware that NLRC was looking at reviewing the foreign exchange regulations as a routine duty he said, “The NLRC is an agency of government that has the responsibility of reviewing all laws in the country from time to time depending on exigencies of time.’’

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

“Again, there is nothing in our current and extant foreign currency laws and regulations that says that people will be jailed or that their foreign currencies will be confiscated. I advise people to please stop listening to rumour mongers.’’
By Ebere Ndukwu …

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