Sanusi: It's Illegal To Collect Dollar For Services Rendered In Nigeria

Anyone who refuses to collect Naira and insists on payment in foreign currency may soon find himself or herself on the wrong side of the law.According to the CBN Governor, Sanusi Lamido Sanusi, there is no country in the world where you get paid in the currency that is being remitted, except Nigeria. Sanusi said ;

"You know the interesting thing about our country is that we try to be an island in the World. If you are in the UK and someone transfers money to you from the US, in what currency do you get paid in London? You get Pounds. There is nowhere in the world where you go to your bank after a transfer and insist on being paid in that currency. There is nowhere. In Japan you get paid in Yen; in China you get paid in Renminbi. So there is nowhere in the world you get paid in the currency that is being remitted. You know Nigerians have this attitude of entitlement. The central bank did introduce this policy that people be paid in Dollars because there was a time the banks were cheating people and not paying them the actual exchange rate on the transaction date. Now, we said the exchange rate must be the inter-bank rate prevailing on the day of transaction and that banks are required to display their rates in banking halls. So I don't see how we are going to continue with a policy that is not consistent with global best practices by importing Dollars and saying we don't have confidence in our currency.

The thinking here is that it is just a small transaction of $500, $1000. Then let them tell us one country in the world that allows it. It's like, all you journalists that write we should distribute FAAC (Federation Account Allocation Committee) in Dollars. But just tell me one country in the world that distributes its reserves in foreign currency. Why should Nigeria be the only one? What is the logic and why are we different? If you go to Ghana you get paid in Cedi and in the francophone countries you get paid in CFA. So why should your uncle or aunty living in Nigeria and who would spend Naira not be paid the Naira equivalent of the currency you sent but insist on being paid in dollars? It is not right.

First of all, it is illegal for anybody to collect Dollar for services rendered in Nigeria. Anybody that refuses to accept the Naira as a legal tender is committing an offence. I don't think there is anyone that will do that. Perhaps, what they might do is to index their service in dollar and use the exchange rate and accept Naira. But anyone who refuses to collect Naira and insists on collecting Dollar is committing an offence. The maritime agencies that collect duties in foreign currencies are covered by law. The law allows them to receive their duties in foreign currency."

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