No Plans to Convert $30 Billion Domiciliary Accounts to Naira

The Central Bank of Nigeria (CBN) has categorically denied any intentions to convert domiciliary account holdings valued at $30 billion into Naira, refuting recent media speculation.

Addressing the issue, Mrs. Hakama Sidi-Ali, Acting Director of the CBN’s Corporate Communications Department, released a statement in Abuja on Saturday to provide clarification.

Sidi-Ali’s statement was prompted by a media report alleging that the apex bank was contemplating converting domiciliary accounts to Naira as a measure to counteract the persistent depreciation of the local currency.

“The CBN has been made aware of a report published by a national newspaper, claiming that the Federal Government is considering the conversion of $30 billion domiciliary deposits into Naira. This claim is entirely false and appears designed to incite panic in the foreign exchange market,” stated Sidi-Ali.

She emphasized that such misinformation aims to disrupt the efforts of the CBN to stabilize the foreign exchange market, which is evidenced by recent policies and actions undertaken by the bank.

“We have witnessed similar unfounded narratives concerning the CBN’s activities in recent months, indicating a concerted effort by certain interests to undermine our initiatives,” she remarked.

Assuring stakeholders, Sidi-Ali affirmed the CBN’s commitment to fostering confidence in the economy and reiterated that the bank would never engage in actions detrimental to the currency or the nation’s economic well-being.

She urged all parties to disregard rumors intended to sow panic and to view them as acts of sabotage against the nation’s interests.

“We strongly advise against the dissemination of false information that could disrupt the economy. The CBN is the sole authority responsible for implementing monetary policy changes, and any modifications to policies will be communicated transparently to the public,” she emphasized.

Sidi-Ali concluded by reaffirming the CBN’s willingness to address inquiries regarding its policies and actions.

The recent depreciation of the Naira, trading at N1,500 to the dollar in recent days, has raised concerns among stakeholders, prompting calls for urgent measures to bolster the currency’s strength.