CBN Denies Plan to Change $30 Billion Domiciliary Deposits to Naira
The Central Bank of Nigeria (CBN) dismisses rumors of converting $30 billion domiciliary deposits to naira.
Responding to speculations, the CBN clarified that it has no intentions to convert foreign currency deposits in domiciliary accounts to naira, refuting claims aimed at enhancing liquidity in the forex market.
Sources suggested that the government might enforce a conversion policy for idle foreign currency holdings in domiciliary accounts, but the CBN distanced itself from such plans.
In a statement on X, “No plans to convert $30bn domiciliary deposits to naira. This news is fake!”
Amid concerns over the safety of dollar deposits, following recent CBN directives to stabilize the forex market, including mandating banks to sell dollars to prevent losses, the CBN’s clarification aims to allay fears and maintain market stability.
