The Central Bank of Nigeria (CBN) has refuted recent claims suggesting plans to convert $30 billion deposits held in domiciliary accounts to naira, dismissing the reports as “fake news.”
Speculation arose following a report alleging that the CBN was considering a policy shift aimed at converting foreign currencies held in domiciliary accounts of citizens to naira.
It was purported that such a move would be implemented to bolster liquidity in the foreign exchange (FX) market.
The report further suggested that the government would mandate the conversion of foreign currencies, currently dormant in both individual and corporate domiciliary accounts, to naira at a yet-to-be-determined exchange rate set by the CBN.
However, the CBN swiftly addressed the circulating misinformation, taking to its official social media platform to clarify the matter.
In a succinct statement, the apex bank categorically debunked the claims, affirming that there are no intentions to convert the estimated $30 billion domiciliary deposits to naira, labeling the reports as “fake news.”
“No plans to convert $30bn domiciliary deposits to naira. This news is fake!” the CBN asserted, putting an end to the swirling speculations.
