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.
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