Published 4th Feb, 2024

By Sodeeq Atanda

Some news platforms and social media users have claimed that the Central Bank of Nigeria (CBN), under Yemi Cardoso, recently banned the use of foreign currencies in local transactions.

This claim has aroused some excitement in many Nigerians, given the soaring exchange rate of the United States’ dollar against the naira and its attendant consequences for the economy.

Some Nigerians have countered the claim, saying that it is untrue. They believe that the CBN circular being used to legitimise the claim is old.

A snapshot of the claim published by Leadership Newspaper

CLAIM: CBN has banned the use of foreign currencies for local transactions, according to a circular in circulation.

Thank you @cenbank for this directive. Imagine there is a Nigerian private university, operating in Nigerian market, owned by a Nigerian, collecting school fees and ancillaries in Dollars. Many other domestic companies transacting in Forex. We would soon get to root of why the… pic.twitter.com/VmNJPSccWC
— D. H Bwala (@BwalaDaniel) February 4, 2024

VERIFICATION: FIJ’s findings showed that the press release emanated from the bank. However, it isn’t a recent statement.

Checks by FIJ further showed that Muazu, whose name appeared on the letter, is no longer the corporate communications director of the apex bank. He was moved out of that office in February 2016 to the strategy management department.

Several individuals have functioned in that role after him: Osita Nwanisobi, Abdulmumini Isa and Hakama Sidi Ali, the incumbent spokesperson, who was appointed in December 2023 in an acting capacity.

Although the statement is undated, FIJ found that it was uploaded to the bank’s website on April 7, 2015. It was originally issued nine years ago, during the time of Godwin Emefiele as the governor of the bank.

VERDICT: The claim that the CBN recently banned the use of foreign currencies in local transactions is false.

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