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No Plans To Convert Domiciliary Accounts Into Naira – CBN

ABUJA, Nigeria – The Central Bank of Nigeria (CBN) has said that it has no plans to convert domiciliary account holdings valued at 30 billion dollars into Naira.

CBN’s acting director, Corporate Communications Department, Mrs Hakama Sidi-Ali, made the clarification in a statement in Abuja at the weekend, Nigerian CommunicationWeek.

Sidi-Ali’s statement was a reaction to a media report that the apex bank planned to convert domiciliary accounts into Naira, to address the unending depreciation of the local currency.

“The attention of the CBN has been drawn to a story published by a national newspaper, alleging that the Federal Government is considering converting 30 billion dollars 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 stabilise, as evidenced by its recent work and policy directions.

“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 our efforts,” she said.

She assured that the CBN was working to build confidence and would never do anything to undermine the currency and the economy.

She urged all stakeholders to disregard stories aimed at causing panic in the system and see them as acts of national sabotage.

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