The Federal Government and the Central Bank of Nigeria (CBN) have denied that there are plans to convert $30 billion domiciliary deposits to naira.
This is a reaction to reports that the Federal Government and the apex bank were considering converting domiciliary accounts to naira as part of measures to solve the foreign exchange (forex) crisis and stop the crash of the naira.
This disclosure is contained in a statement by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, on Saturday, where he said there was no iota of truth in the report, dismissing it as falsehood.
The CBN also in a post on its official X (formerly Twitter) account on Saturday, February 3, 2024, described the report as fake.
What the FG and CBN are saying
Edun in his statement said,
“There is no iota of truth in the claims of Punch Newspaper that the Federal Government plans to convert foreign exchange in depositors’ domiciliary accounts to naira.
“The publication of such falsehood. at a time when the government is working to restore economic stability and confidence in the national currency is tantamount to economic sabotage.
“For the avoidance of doubt, I emphasize that depositors’ foreign currency in their domiciliary accounts will not be converted to naira.”
The CBN in its post said,
‘’No plans to convert $30bn domiciliary deposits to naira. This news is fake!’’
This is a developing story…