We are not in support of jailing dollar hoarders, CBN tells FG

The Central Bank of Nigeria (CBN) says it is not in support of jailing Nigerians hoarding dollars, as suggested by the President Muhammadu Buhari-led federal government.

Speaking at a press briefing in Abuja on Tuesday, Godwin Emefiele, governor of  the CBN, said it was not aware of the government’s plans to jail foreign currency hoarders.

A draft of the foreign exchange act, published by the Nigerian Law Reform Commission, revealed that the government is seeking to propose up to two years jail term or a fine of up to 20 percent of the amount being held, for anyone who keeps dollars for more than 30 days.

“Let me respond to issues about allegations that CBN is planning jail term for people keeping dollars at home, and indeed confiscate dollars that people are keeping, that allegation is untrue,” the CBN governor said while fielding questions.

“There is nothing in our current foreign exchange regulations that (says) people will be jailed or that their dollars will be confiscated.

“But I am also aware; just today, I was told that the Nigerian Law Reforms Commission, was looking at reviewing the exchange regulations,just like they normally would from time to time.

“The Law Reform Commission is an agency of government that has a responsibility for reviewing all laws in the country from time to time, depending on the exigencies.”

Emefiele  went on to say the CBN has not “been contacted regarding whether or not some of the clauses that are included in the review”.

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

“I repeat, there is nothing in our current and extant foreign exchange regulation that says that people will be jailed or their foreign currencies would be confiscated.”