We’ll Not Convert Domiciliary Account Holdings Into Naira – CBN Assures
BY EDMOND ODOK – The Central Bank of Nigeria (CBN) says contrary to recent reports in a national newspaper, there are no plans to convert $30 billion domiciliary deposits of individuals to Naira in the country.
The apex Bank’s denial comes amid speculations that the Federal Government may be eyeing such an arrangement as part of measures to check the free fall of the Naira and also strengthen the nation’s currency.
A statement by the CBN Acting Director of Corporate Communications, Mrs Sidi-Ali, Hakama at the weekend described the allegation as absolutely false, adding that such report seeks 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.”
Further noting that similar false narratives have, over the past few months, been spread about the work being done by the CBN, the statement said; “It is clear that vested interests are determined to sabotage our efforts.”
However, the apex bank assured the general public that every necessary measure is being taken to build confidence in the nation’s financial system, adding that it would never do anything to undermine the currency and the economy.
It also advised all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are – “acts of national sabotage”.
Importantly, the CBN against the peddling of false reports that have the potential of being disruptive to the nation’s economy and efforts of government to make things right.
Furthermore, the apex Bank said as the only designated authority for monetary policy changes, it will always advise on any policy change(s) before they are brought into operation, and is always open to answer questions about its policies.
