CBN clarifies Currency Substitution and Dollarisation of the Nigerian Economy

In a new circular dated May 21, 2015 issued by the Director for Banking Supervision on the same subject of Currency Substitution and Dollarisation of the Nigerian Economy, the CBN reiterated that the pricing of goods and services in Nigeria shall continue to be in Naira only, and that it is a criminal offence to refuse the Naira as a legal tender for payment in the exchange of goods and services in Nigeria.