The Central Bank of Nigeria (CBN) has clarified the statement made by the Governor, Godwin Emefiele, at the recent post-Monetary Policy Committee (MPC) meeting briefing, warning bank customers against converting the naira to foreign exchange, for electioneering purposes.
Its Director, Corporate Communications Department, Mr. Osita Nwanisobi, made the clarification in a chat with newsmen in Lagos, on Wednesday.
He explained that the clarification was necessary on account of attempts by persons to deliberately misrepresent the import of Mr. Emefiele’s caution on electioneering spending by the political class.
He said the warning by his boss was meant for those who sought to convert the Naira from their accounts into foreign exchange for election campaign and not those who seek to exchange the currency for legitimate purposes such as payment for tuition and other personal expenses.
He maintained that the apex bank also frowned at the conduct of unauthorized movement of funds within and outside the country and would use tools at its disposal to check the movement of illicit funds.
The bank had discretionary power to prevent persons from conducting unauthorized transactions, he said,adding that the CBN was within its statutory limits to mop up the excess liquidity in the vaults of the institutions its regulates, so they do not get involved in speculative activities.
He implored bank customers to shun unauthorized movement of funds for currency conversion in order not to fall foul of the extant laws of the land.
He also admonished Nigerians to be more patriotic as it relates to the Naira, noting that it is the duty of every citizen to support the CBN in preserving the intranational value of the Naira.