CBN denies plans to convert $30bn domiciliary deposits to naira
The Central Bank of Nigeria (CBN) on Saturday said there is no plan to convert $30bn domiciliary deposits to naira.
A section of the media (Not SOLACEBASE) reported on Saturday that Federal Government and the apex banks were considering the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise Nigeria’s currency, which earlier this week recorded its worst performance in history.
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However, the apex bank dismissed the report as “fake news” in a post on Saturday, urging the public to disregard such speculations.
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“No plans to convert $30bn domiciliary deposits to naira. This news is fake!,” the post reads.
The apex bank’s reaction comes two days after it ordered Deposit Money Banks (DMBs) to sell their excess dollar stock latest February 1, 2024, as part of moves to stabilize the nation’s volatile exchange rate.
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