CBN: We’ve no plans to convert $30bn domiciliary deposits to naira

The Central Bank of Nigeria (CBN) says it has no plans to convert $30 billion deposits in domiciliary accounts to naira.

A report had, on Saturday, January 3, 2024, claimed that the CBN is considering a policy that will result in the conversion of foreign currencies in domiciliary accounts of Nigerians to naira to stabilise the currency.

The report added that 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.

However, the apex bank, in a statement issued on Saturday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, said the report is false.

The statement read: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a story published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira.

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“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 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.”

The Star