The Central Bank of Nigeria (CBN) has categorically denied recent rumors that it intends to convert domiciliary deposits totaling $30 billion in Nigerian banks to Naira.
Originating from a report by Punch, which
cited an unnamed source from the presidency, the speculation suggested that
converting these funds into the local currency was under consideration as a
strategy to bolster the Naira's value. The report attributed the forex scarcity
and the Naira's devaluation to the accumulation of foreign currencies by the
elite.
Countering these claims, the CBN made clear
through its official social media channels that it has no plans to undertake
such conversion.
The CBN's denial emphasizes the critical
role of reliable information sharing and sets the record straight on its
position regarding this issue. Amid ongoing concerns over forex availability
and currency stability, the central bank's statement serves to clarify its
monetary policy direction and reassure the public about its handling of these
matters.
0 Comments