CBN Denies Plans To Convert Domiciliary Accounts Into Naira
THERE are no plans to convert an estimated $ 30billion domiciliary deposits intonaira, thecentralbankof Nigeria ( CBN) has said.
The acting Director, Corporate Communications of the apex bank, Mrs. Hakamasidi- Ali, in a statement, in Abuja, yesterday, said there is no truth in the widely circulated story. “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 $ 30bn 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.”
Sidi- Ali alleged that there have been wrong narratives in the media on the activities of the Nigerian bankers’ bank, whicharemeanttosabotage the reforms in the financial sector.
She added: “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."
The CBN maintained that it is working to build confidence of the populace in its polici es, saying “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.” It, therefore, urgedthepublic to disregard the story, urging the media and other stakeholders to reach it for confirmation of insinuations before going to the press.
“We wish to advice, in the strongest terms, against the peddling of false reports that have the potential to be disruptive to the economy. The CBN is the only designated authority for monetary policy changes and will always advise on any policy change( s) before they are brought into operation. The CBN is always open to answer questions about our policies.”