The Central Bank of Nigeria, CBN, has refuted reports that it has plans to convert $30 billion deposits in domiciliary accounts to Naira.
The reports making rounds on social media platforms in the country had claimed that the move would stabilize and boost liquidity in the forex market.
Various sources had alleged that the government would order the conversion of foreign currencies dormant in individuals’ and corporate organizations’ domiciliary accounts to Naira — at a rate that will be determined by the CBN.
But the CBN had reacted and distanced itself from such a claim.
Posting on X, the Nigerian apex bank had written:
“No plans to convert $30bn domiciliary deposits to Naira. This news is fake!”
There have been rumours and speculations that dollar-denominated deposits of individuals might be at risk after the recent move by the CBN to restore normalcy in the foreign exchange (FX) market by directing banks to sell dollars to bar future losses.
