The Central Bank of Nigeria (CBN) has refuted claims circulating in the media about its intention to convert $30 billion worth of deposits in domiciliary accounts to naira. The CBN responded to a report suggesting a possible policy aimed at converting the foreign currencies held in Nigerians’ domiciliary accounts to naira, with the alleged goal of stabilizing and boosting liquidity in the forex market.
According to the report, sources indicated that the government would mandate the conversion of foreign currencies from individuals’ and corporate organizations’ domiciliary accounts to naira at a rate determined by the CBN. However, the CBN has explicitly distanced itself from such speculations, dismissing them as false. Through an official statement on X, the CBN emphasized, “No plans to convert $30 billion domiciliary deposits to naira. This news is fake!”
Speculation arose amid recent measures implemented by the CBN to restore stability in the foreign exchange (FX) market, raising concerns about the safety of individuals’ dollar-denominated deposits. Notably, on January 31, 2024, the CBN instructed banks to sell dollars in efforts to mitigate potential losses and address FX market dynamics.
