The Central Bank of Nigeria (CBN) said it has no intentions to convert domiciliary account balances worth $30 billion into Naira.
On Saturday, Hakama Sidi-Ali, the CBN’s Acting Director of Corporate Communications, issued a statement in Abuja clarifying the situation.
Mrs. Sidi-Ali’s comment came in response to a media allegation that the apex planned to convert domiciliary accounts into Naira, to address the ongoing devaluation of the local currency.
“The attention of the CBN has been drawn to a story published by a national newspaper, alleging that the Federal Government is considering converting 30 billion dollars 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,” 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 CBN is the only designated authority for monetary policy changes and will always advise on any policy changes before they are brought into operation.
“The CBN is always open to answer questions about our policies,” she added.
