Latest News


Central Bank of Nigeria Refutes Allegations of Domiciliary Deposit Conversion


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.

Post a Comment