Reports on CBN plans to convert $30 billion deposits in domiciliary accounts to naira fake — CBN

The Central Bank of Nigeria (CBN) says there are no plans to convert $30 billion deposits in domiciliary accounts to naira.

A report, on Saturday, had claimed that the apex bank  is considering a policy that will result in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise and increase liquidity in the FX market

According to the report, a source had said the government will order the conversion of foreign currencies sitting idly in individuals’ and corporate organisations’ domiciliary accounts to naira — at a rate to be determined by the CBN.

However, the apex bank, in a post on its official X handle on Saturday, debunked the report, describing it as fake news.