Saturday, February 24, 2024

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”

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“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.

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