• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

We will find you, force you to return dollars bought on false demand, CBN warns

Abiola Odutola by Abiola Odutola
September 17, 2021
in Currencies, Spotlight
Redesigning or sensitizing; what's the way to go?

Godwin Emefiele, Governor of the Central Bank of Nigeria

Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria (CBN) has stated that it will hunt Nigerians who buy forex for Personal Travel purposes and later cancel such trips. The plan of the apex bank, with the support of the commercial banks, is to find the buyers and force them to return currencies bought under such disguise.

This was disclosed by the CBN Governor, Godwin Emefiele during the Monetary Policy Council meeting which was held today, Friday, September 17, 2021.

The apex bank’s resolve is coming on the heels of the activities of some Nigerians who approach the banks to purchase forex under legitimate guises, only to turn around to sell the forex at the black market.

RelatedStories

CBN, forex

CBN sets October 31 deadline for Payment companies to comply with ISO 20022

August 26, 2025
Forex volatility: BDC operators reveal over 90% of dollar liquidity is off the books

Nigeria’s FX reserves soar to $41 billion, hitting 44-month high 

August 21, 2025

What the CBN Governor said

The CBN governor warned such bank customers involved in these fraudulent and unethical practices to desist from it, as they will be found out and forced to return the currency.

“People buy FX from banks with PTA/BTA and cancel the flight later. We will find them and they must return the currency,” Emefiele said.

The CBN Governor also used the opportunity to once again reiterate the illegality of the operations of the black market and to justify the ban on the sale of foreign exchange to bureau de change operators in the country.

“The only exchange rate market is the Investors and Exporters window, which is the market that we expect everybody that wants to buy or sell dollars to use.

“I am sorry to say: I do not recognise any other market. We’ve asked ourselves at the CBN, why did we have to wait so long?

“CBN remained the only central bank in the world to dip its hands into our commonwealth mad pack dollars to BDCs all in an effort to stabilise the exchange rate,” he said.

Tags: CBNforexMPC
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

Related Posts

CBN, forex
Financial Services

CBN sets October 31 deadline for Payment companies to comply with ISO 20022

August 26, 2025
Forex volatility: BDC operators reveal over 90% of dollar liquidity is off the books
Breaking News

Nigeria’s FX reserves soar to $41 billion, hitting 44-month high 

August 21, 2025
British pound, Naira
Currencies

Naira pegs at N2,205/£ against resilient British Pound Sterling

August 17, 2025
Naira sinks in black market, U.S dollar posts best month in 2025
Currencies

Naira ends stable streak slightly weaker at N1,560/$1 as foreign reserves jumps to $40.7 billion

August 15, 2025
Navigating Nigeria’s Forex Market: Trends and Opportunities in 2025 
Companies

Navigating Nigeria’s Forex Market: Trends and Opportunities in 2025 

August 14, 2025
Easy steps to build wealth through saving money in 2024
Currencies

Naira is one of the strongest currencies in the world, handle with integrity, CBN tells Nigerians 

August 14, 2025
Next Post
NGX Group releases dividend policy

Investors laud NGX Group’s management’s actions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

otd
nairametrics
Emple
Palmpay
first bank








DUNS

Recent News

  • Nigeria emerges as Africa’s second-largest solar importer amid 60% surge across continent 
  • Breaking: Tinubu orders temporary ban on export of raw shea nuts 
  • Nigeria to expand pension investment scope in infrastructure and private equity 

Follow us on social media:

Recent News

Nigeria's fuel subsidy removal is a big opportunity to switch to solar inverters in 2023 - CEO, Extreme Mutual Technique

Nigeria emerges as Africa’s second-largest solar importer amid 60% surge across continent 

August 26, 2025
Breaking news

Breaking: Tinubu orders temporary ban on export of raw shea nuts 

August 26, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics