CBN Debunks Report Of Converting $30bn In Domiciliary Account Into Naira
The Central Bank of Nigeria (CBN) has on Saturday debunked reports of converting $30billion domiciliary account holdings into Naira
A national newspaper had reported that the Federal Government is mulling a policy that will result in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise the national currency, which earlier this week recorded its worst performance in history.
If it goes ahead with the plan, the government will order the conversion of foreign currencies sitting idly in individuals’ and corporate organisations’ domiciliary accounts to naira at a rate to be determined by the CBN.
Responding, the acting Director, Corporate Communications, CBN, Mrs Sidi-Ali Hakama in a statement said the allegation is 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.
According to her, “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 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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