CBN Debunk Plans To Convert Domiciliary Accounts To Naira

The Central Bank of Nigeria (CBN) says there are no plans by the Federal Government to convert its $30bn domiciliary deposits to Naira.

The Apex Bank in a reaction to a story published by a national newspaper alleging that the government is considering converting funds in the domiciliary account to Naira, 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.”

A statement by the Ag. Director, Corporate Communications, Sidi-Ali, Hakama disclosed that: “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”

CBN Adopts New Cash Reserve Measure

“We want to assure the general public that CBN is working to build confidence and would never do anything to undermine the currency and the economy”

“We, therefore, urge all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are – acts of national sabotage.”

CBN advised in the strongest terms, against the peddling of false reports that have the potential to be disruptive to the economy.

The Apex bank further said it is the only designated authority for monetary policy changes and will always advise on any policy change(s) before they are brought into operation, and is always open to answer questions about its policies.


Discover more from LN247

Subscribe to get the latest posts sent to your email.

Advertisement

Most Popular This Week

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More from Author

Advertisement

Read Now

Bank of England Lowers Interest Rate to 4.5%

The Bank of England has reduced its base interest rate from 4.75% to 4.5%, marking a strategic shift in monetary policy aimed at stimulating economic growth. The quarter-point cut comes as policymakers respond to sluggish economic performance and persistent inflationary pressures. In a statement published on Thursday, titled...

CBN Extends FX Sale Period to BDCs

The Central Bank of Nigeria (CBN) has announced an extension of the FX sale period to Bureau de Change (BDC) operators until May 30, 2025, in order to better meet retail market demand. This decision was communicated through a circular signed by Dr. W. J. Kanya, Acting Director...

Turkey’s Inflation Slows to 42.1% in January

Turkey’s annual inflation rate eased for the eighth consecutive month in January, dropping to 42.1% from 44.3% in December, according to official data from the Turkish Statistical Institute (TUIK) released on Monday. Despite this decline, monthly inflation surged to 5% in January, a sharp rise from the 1%...

Discover more from LN247

Subscribe now to keep reading and get access to the full archive.

Continue reading