CBN Denunciation of $30 Billion Domiciliary Deposit Conversion Plans Sparks Debate on Forex Policy Transparency

The Federal Government and the Central Bank of Nigeria (CBN) have refuted claims of plans to convert $30 billion domiciliary deposits to naira, dismissing the reports as false and aimed at causing panic in the foreign exchange market. The denial comes in response to allegations that the government and the CBN were considering converting domiciliary accounts to naira as a measure to address the forex crisis and stabilize the naira.

In a statement, the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, emphasized that there is no truth to the claims and described the publication as economic sabotage. He assured depositors that their foreign currency in domiciliary accounts will not be converted to naira.

The CBN also denounced the reports on its official X account, stating that there are no plans to convert $30 billion domiciliary deposits to naira and labeling the news as fake. The acting Director, Corporate Communications of the CBN, Mrs. Hakama Sidi-Ali, described the allegation as false and aimed at causing panic in the forex market. She emphasized that the CBN is working diligently to stabilize the forex market and build confidence in the national currency.

The reports had suggested that the Federal Government was considering converting foreign currencies in domiciliary accounts to naira to stabilize the naira, which recently experienced its worst performance in history. However, both the government and the CBN have denied these claims, stressing their commitment to economic stability and the well-being of Nigerians.

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