" ITREALMS: National sabotage: No plans to convert domiciliary accounts to Naira says CBN - ITREALMS

Saturday, February 03, 2024

National sabotage: No plans to convert domiciliary accounts to Naira says CBN - ITREALMS

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The Central Bank of Nigeria (CBN) has refuted media report that it plans to convert domiciliary account holdings in the country into Naira, describing it as national sabotage, reports 
ITREALMS.
National sabotage: No plans to convert domiciliary accounts to Naira - ITREALMS
CBN in a press statement, Saturday made available to ITREALMS and signed by the acting Director, Corporate Communications, Mrs. Sidi-Ali, Hakama, said that their attention has been brought to a story published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira.

This allegation, CBN said, is absolutely false and aimed at triggering panic in the foreign exchange market, which the CBN is working assiduously to stabilize, as evidenced by its recent work and policy directions.

CBN also noted 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 the 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,” she declared.

The apex banking institution, therefore, urged all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are - acts of national sabotage.

“We wish to advise, in the strongest terms, against the peddling of false reports that have the potential to be disruptive to the economy.

“The Bank is the only designated authority for monetary policy changes and will always advise on any policy change(s) before they are brought into operation,” CBN warned.

Stressing that CBN is always open to answer questions about monetary policies.

Chuks Egbune/DoP

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