CBN clears air on plans to convert Domiciliary Account Holdings into Naira

The Central Bank of Nigeria (CBN) has firmly denied any intentions to convert domiciliary account holdings into Naira, refuting recent media reports. The statement, signed by Assistant Director of Corporate Communications Sidi-Ali Hakama, dismisses claims by a national daily that the Federal Government is contemplating converting $30 billion domiciliary deposits to Naira.

The CBN categorically labeled the allegation as false and aimed at creating panic in the foreign exchange market, which the bank is diligently working to stabilize through recent policies and directions. The statement acknowledges the existence of similar false narratives circulating in recent months, suggesting a deliberate attempt by vested interests to undermine the efforts of the CBN.

The apex bank reassured the public of its commitment to building confidence in the financial system and emphasized its dedication to not engage in any actions that would compromise the currency and the economy. The CBN urged all stakeholders to disregard stories designed to induce panic, labeling them as acts of national sabotage.