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CBN dismisses reports on planned conversion of domiciliary account holdings to Naira



The Central Bank of Nigeria (CBN) on Saturday dismissed reports on the planned conversion of foreign exchange in domiciliary accounts to Naira.

Reports emerged during the week that the apex banks had directed all Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs), and members of the public that operate domiciliary accounts in the country to convert their holdings into naira.

The CBN’s Director of Corporate Communications, Osita Nwanisobi, who reacted to the reports in a statement in Abuja, said the directive did not emanate from the bank.

He said the circular quoted in the reports was designed to cause panic in the foreign exchange market.

The statement read: “We wish to reiterate that the Bank has not contemplated, and will never contemplate, any such line of action. The speculation is a completely false narrative aimed at triggering panic in the foreign exchange market.

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“It will be recalled that the Bank had previously assured members of the public that there was no plan whatsoever to convert the foreign exchange in the domiciliary accounts of customers into Naira to check purported shortage of availability of the United States dollars.

“Operators of domiciliary accounts and other members of the banking public are therefore advised to completely disregard these fictitious documents and malicious rumours, and go about their legitimate foreign exchange transactions, as we do not doubt that these rumours are only aimed at impugning the integrity of the CBN and activating chaos in the system.”

Nwanisobi warned against the unauthorised use of the CBN logo by any group or individual in the country.

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