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Domiciliary account holdings won’t be converted into Naira, CBN assures

domiciliary

The Central Bank of Nigeria (CBN) has refuted news reports making the rounds that the Federal Government is considering converting $30bn domiciliary deposits to Naira in order to strengthen the foreign reserve.

Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali explained this in a statement.

According to the Communications director, the allegation is absolutely false and aims to trigger panic in the foreign exchange market which the CBN is working assiduously to stabilize as evidenced by its recent work and policy directions.

She noted that 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.

The apex bank assures the general public that it was working to build confidence and would never do anything to undermine the currency and the economy, urging all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are – acts of national sabotage.

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The statement further reads: “This allegation is absolutely false and aims to trigger panic in the foreign exchange market, which the CBN is working assiduously to stabilize, as evidenced by its recent work and policy directions.

“Similar false narratives have been spread about the work of the CBN over the past few months and it is clear that vested interests are determined to sabotage our efforts.

We want to assure the general public that CBN is working to build confidence and would never do anything to undermine the currency and the economy.

“We, therefore, urge all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are – 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 Bank is the only designated authority for monetary policy changes and will always advise on any policy change(s) before they are brought into operation.

The CBN is always open to answer questions about our policies.”

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