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CBN Clarifies: No Plans to Convert $30bn Domiciliary Deposits to Naira

CBN Clarifies No Plans to Convert $30bn Domiciliary Deposits to Naira

The Central Bank of Nigeria (CBN) has denied any intentions by the Federal Government to convert its $30 billion domiciliary deposits into Naira. This response comes in reaction to a news article published by a national newspaper, which the CBN labels as “absolutely false” and designed to incite panic in the foreign exchange market.

In a statement by the Acting Director of Corporate Communications, Mr. Sidi-Ali Hakama, the CBN asserts that such allegations aim to disrupt the efforts it is making to stabilise the foreign exchange market, as evident in recent actions and policy directions.

Hakama emphasised that similar misleading narratives have been circulated in recent months, indicating a deliberate attempt by vested interests to undermine the CBN’s initiatives. He reassured the public that the CBN is committed to building confidence and would not engage in actions detrimental to the currency and the economy.

The statement strongly discourages the peddling of false reports that have the potential to disrupt the economy, labelling them as “acts of national sabotage.” The CBN, being the sole designated authority for monetary policy changes, emphasised its commitment to communicating any policy changes before implementation. The bank remains open to addressing inquiries about its policies and maintaining transparency in its operations.

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