The Central Bank of Nigeria (CBN) has categorically denied any plans to convert $30 billion in domiciliary bank accounts to the local currency (naira).
The apex bank refuted claims circulating in a national newspaper that the Federal Government was contemplating a policy to stabilize the national currency, which experienced its sharpest decline in history earlier this week against the United States Dollar.
The unverified report suggested that the government might issue a directive to convert foreign currencies held in individual and corporate domiciliary accounts to naira at a rate determined by the CBN. The alleged move aimed at stabilizing the naira, which witnessed a 24% depreciation on Monday, closing at N1,348 per dollar.
In response to the rumors, the CBN took to its verified X handle to quash the speculations, stating, “No plans to convert $30bn domiciliary deposits to naira. This news is fake.”
