No plans to convert domiciliary account holdings into Naira – CBN

The Central Bank of Nigeria (CBN) says there is no plan to convert $30 billion domiciliary deposits to Naira.

Reports emerged in the media (not Thefrontfrank) that Federal Government and CBN were considering the conversion of foreign currencies in domiciliary accounts of citizens to Naira to stabilise nation’s currency.

A statement on Saturday by the apex bank Acting Director, Corporate Communications, Mrs Sidi Ali Hakama, said the report is “fake news”, urging the public to disregard the report.

“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.

“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 statement reads.

On Wednesday, the Naira recorded its biggest fall in the official Nigerian Foreign Exchange Market, closing at N1,520 per dollar.

Earlier in the week, the apex bank had ordered Deposit Money Banks (DMBs) to sell their excess dollar stock latest February 1, 2024, as part of moves to stabilise the nation’s volatile exchange rate.