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CBN denies report on conversion of Domiciliary Account Holdings into Naira

CBN denies report on conversion of Domiciliary Account Holdings into Naira

The Federal Government and the Central Bank of Nigeria (CBN) have denied that there are plans to convert $30 billion domiciliary deposits to naira.

This is a reaction to reports that the Federal Government and the apex bank were considering converting domiciliary accounts to naira as part of measures to solve the foreign exchange (forex) crisis and stop the crash of the naira.

This disclosure is contained in a statement by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, on Saturday, where he said there was no iota of truth in the report, dismissing it as falsehood.
The CBN also in a post on its official X (formerly Twitter) account on Saturday, February 3, 2024, described the report as fake.

The Acting Director, Corporate Communications of the CBN, Mrs. Hakama, Sidi-Ali, in a statement described the allegation as false and aimed at causing panic in the foreign exchange market.
She said the allegation was absolutely false and aimed 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.

Sidi-Ali revealed that similar false narratives have been spread on the work of the CBN over the past few months and has been clear that vested interests are determined to sabotage bank's efforts.
She assured the general public that CBN is working to build confidence and would never do anything to undermine the currency and the economy.

Not only that, the bank urged all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are, as acts of national sabotage.
The Apex Bank advised, in the strongest terms, against the peddling of false reports that have the potential to be disruptive to the economy saying , 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.

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