CBN Debunks Rumours Of Plans To Convert $30 Billion Domiciliary Deposits To Naira

The Central Bank of Nigeria, CBN has denied claims of it’s intent to convert $30 billion domiciliary deposits into naira.

Reports suggested that the Federal Government and the CBN contemplated converting domiciliary accounts to naira to stabilize the naira.

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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.

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.

Top Presidency said 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.

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!”

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