The Central Bank of Nigeria (CBN) has refuted claims of intending to convert $30 billion domiciliary deposits into naira.
There were strong indications that the Federal Government was considering a policy that would have resulted in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilize the national currency, which had recorded its worst performance in history earlier in the week.
Reports suggested that the Federal Government and the CBN contemplated converting domiciliary accounts to naira to stabilize the naira.
Top Presidency sources told Saturday PUNCH that the move was meant to stabilize the naira, which had recorded its biggest fall in the official Nigerian Foreign Exchange Market on Monday, depreciating by 24 per cent to close at N1,348 per dollar.
If it had gone ahead with the plan, the government would have ordered the conversion of foreign currencies sitting idly in individuals’ and corporate organizations’ domiciliary accounts to naira at a rate determined by the Central Bank of Nigeria.
However, the CBN dismissed these reports as ‘fake news’ on its official X page.
It said: “No plans to convert $30bn domiciliary deposits to naira. This news is fake
-Advertisement-
Grab our latest Magazine, "Chief Wole Olanipekun, CFR, SAN, A man of wide horizons and deep intentions". Get your order fast and stress free.
For more details about Newswire Law&Events Magazine, kindly reach out to us on 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk. You will be glad you did
Download E-Magazine
