The Central Bank of Nigeria (CBN) assured members of the public that it will not convert the foreign exchange in the domiciliary accounts of customers into naira, as falsely reported by a national newspaper.
In a circular issued on Saturday, the CBN said it would never do anything to undermine the currency and the economy.
The circular titled ‘No Plans to Convert Domiciliary Account Holdings into Naira.’ was signed by the Acting Director of Corporate Communication, Sidi-Ali, Hakama (Mrs.).
It reads in part, “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 $30 billion in domiciliary deposits to Naira.
“This allegation is absolutely false and aims to trigger panic in the foreign exchange market, which the CBN is working assiduously to stabilize, as evidenced by its recent work and policy directions.”
“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, therefore, urge 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 apex bank said.
“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.
It added that the CBN is always open to answering questions about our policies.
