Cbn
No plans to convert domiciliary accounts into Naira, CBN dismisses media report
The Central Bank of Nigeria (CBN) has dismissed as untrue a newspaper report that it plans to convert domiciliary account holdings valued at 30 billion dollars into Naira.
A statement by the Acting Director, Corporate Communications Department of the CBN, Hakama Sidi-Ali, clarified in Abuja on Saturday.
The CBN stated debunked the media report, stating that no plan to convert domiciliary accounts into Naira to address depreciation of the local currency.
Sidi-Ali’s statement said, “The attention of the CBN has been drawn to a story published by a national newspaper, alleging that the Federal Government is considering converting 30 billion dollars domiciliary deposits to Naira.
“This allegation is absolutely false and aims to trigger panic in the foreign exchange market,
which the CBN is working assiduously to stabilise, as evidenced by its recent work and policy directions.
“Similar false narratives have been spread on the work of the CBN over the past few months
and it is clear that vested interests are determined to sabotage our efforts.”
She assured that the CBN was working to build confidence and would never do anything to undermine the currency and the economy.
She urged all stakeholders to disregard stories aimed at causing panic in the system
and see them as acts of national sabotage.
“We wish to advise, in the strongest terms, against the peddling of false reports that have the
potential to be disruptive to the economy.
“The CBN is the only designated authority for monetary policy changes and will always advise on any policy changes before they are brought into operation.
“The CBN is always open to answer questions about our policies,” she said.
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