3rd February, 2024
By Kazeem Ugbodaga
The Central Bank of Nigeria (CBN) has said there is no plan whatever to convert $30 billion in domiciliary account holdings into Naira.
One of the national dailies had reported that there are strong indications 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.
But the CBN, in a statement issued on Saturday by Sidi Ali, Hakama Ag. Director, Corporate Communications, said the attention of the apex bank had been drawn to a story published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira.
“This allegation is absolutely false and aims to trigger panic in the foreign exchange market, which the CBN is working assiduously to stabilise, 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,” it said.
The CBN assured the general public that it was 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 bank said.