CBN says No Plans to Convert Domiciliary Account Holdings into Naira
(Business Africa Digest)-
The Central Bank of Nigeria (CBN) has denied reports published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira.
CBN Ag. Director, Corporate Communications, Mrs Sidi-Ali, Hakama disclosed this in an statement made available to Business Africa Digest in Abuja.
It said 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.
The statement 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.
CBN advised in the strongest terms, against the peddling of false reports that have the potential to be disruptive to the economy.
The Bank regulator further said it is the only designated authority for monetary policy changes and will always advise on any policy change(s) before they are brought into operation, and is always open to answer questions about its policies.
