No Plans To Convert $30bn Domiciliary Deposits To Naira -CBN

CBN Governor, Mr. Olayemi Cardoso.

The Central Bank of Nigeria (CBN) has clarified that there were no plans to Convert Domiciliary Account Holdings into Naira as alleged.

Recall that a national newspaper in its report alleged that the Federal Government was considering to convert $30billion domiciliary deposits to Naira.

However, the Ag. Director, Corporate Communications of CBN, Mrs. Sidi-Ali, Hakama in a statement on Saturday, February 3, 2024 described the allegation as false, and aimed to trigger panic in the foreign exchange market, which the CBN was working assiduously to stabilise, as evidenced by its recent work and policy directions.

She said, “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”, she said.

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