Foreign-owned Operators Demand For Dollar Payments Is Putting Local Telecoms Players Out Of Business.
Smaller and domestic players are allegedly being prevented from expanding; because foreign telecoms companies insist on being paid in dollars and other hard currencies.
Godwin Emefiele, the Governor of CBN, reminded Nigerians in a statement that refusing to pay in naira for transactions in Nigeria is illegal in an effort to support the value of the naira. He asserts that if dollarization is not stop, the naira would continue to lose value; which will be bad for the Nigerian economy.
An example is how foreign-owned companies that can receive payment in dollars might get around the CBN’s restrictions on the exportation of dollars.
Nigerians are to protect naira by refraining from replacing it with any foreign currency.