No Plans to Convert Domiciliary Account Holdings into Naira –CBN

By Linda Ike

The Central Bank of Nigeria (CBN) said the Apex bank has no plans to convert Domiciliary Account holdings into naira.

This clearification followed a story published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira.

CBN 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 Acting Director, Corporate Communications, CBN, Sidi-Ali Hakama in a statement on February 3, noted that similar false narratives have been spread on the work of the CBN over the past few months, saying that it is clear that vested interests are determined to sabotage the efforts.

She assured the general public that the CBN is working to build confidence and would never do anything to undermine the currency and the economy.

She urged all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are-acts of national sabotage.

She said, “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.”