No plans to convert $30bn domiciliary deposits to naira – CBN

The Central Bank of Nigeria on Saturday refuted claims alleging that the Nigerian government is contemplating the conversion of $30 billion in domiciliary deposits to naira.

According to a statement by the Acting Director of Corporate Communications, Hakama Ali, the claim has been circulating in a national newspaper.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to a story published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira,” it said.

The bank said the allegation is false and only aims to trigger panic in the foreign exchange market, which the CBN is working assiduously to stabilise, as evidenced by its recent work and policy directions.

Expressing concern over a series of narratives purportedly targeting the CBN’s efforts, the bank expressed worry over what it described as a consistent pattern of misinformation driven by vested interests seeking to undermine economic stability.

“Similar false narratives have been spread about the work of the CBN over the past few months and it is clear that vested interests are determined to sabotage our efforts.

“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,” it said.

The CBN urged the public to dismiss such narratives as acts of national sabotage, warning against the dissemination of what it called false information that could disrupt the economy.

Earlier in the week, as part of moves to further liberalise the Nigerian foreign exchange market, the Central Bank of Nigeria lifted exchange rate restrictions for International Money Transfer Operators (IMTOs).

The bank also ordered deposit money banks to sell their excess dollar stock by 1 February.

ALSO READ: Atiku slams Tinubu, says president’s directive to NNPC to submit crude oil sales receipts to CBN illegal

Naira slipped to an all-time low against the United States dollar across forex markets earlier on Tuesday as the Central Bank of Nigeria (CBN) moved to clear dollar backlogs owed to foreign airlines operating in the country.

Data published by FMDQ showed that the naira closed Tuesday at N1,482.57 per $1 at the official market.

The local currency also depreciated further at the unauthorised market on Tuesday amidst lingering dollar scarcity and high demand.

The Central Bank of Nigeria on Saturday refuted claims alleging that the Nigerian government is contemplating the conversion of $30 billion in domiciliary deposits to naira.

According to a statement by the Acting Director of Corporate Communications, Hakama Ali, the claim has been circulating in a national newspaper.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to a story published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira,” it said.

The bank said the allegation is false and only aims to trigger panic in the foreign exchange market, which the CBN is working assiduously to stabilise, as evidenced by its recent work and policy directions.

Expressing concern over a series of narratives purportedly targeting the CBN’s efforts, the bank expressed worry over what it described as a consistent pattern of misinformation driven by vested interests seeking to undermine economic stability.

“Similar false narratives have been spread about the work of the CBN over the past few months and it is clear that vested interests are determined to sabotage our efforts.

“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,” it said.

The CBN urged the public to dismiss such narratives as acts of national sabotage, warning against the dissemination of what it called false information that could disrupt the economy.

Earlier in the week, as part of moves to further liberalise the Nigerian foreign exchange market, the Central Bank of Nigeria lifted exchange rate restrictions for International Money Transfer Operators (IMTOs).

The bank also ordered deposit money banks to sell their excess dollar stock by 1 February.

ALSO READ: Atiku slams Tinubu, says president’s directive to NNPC to submit crude oil sales receipts to CBN illegal

Naira slipped to an all-time low against the United States dollar across forex markets earlier on Tuesday as the Central Bank of Nigeria (CBN) moved to clear dollar backlogs owed to foreign airlines operating in the country.

Data published by FMDQ showed that the naira closed Tuesday at N1,482.57 per $1 at the official market.

The local currency also depreciated further at the unauthorised market on Tuesday amidst lingering dollar scarcity and high demand.