CBN Speaks On Converting Domiciliary Deposits To Naira

The Central Bank of Nigeria (CBN) has responded to speculation of planning to convert $30 billion domiciliary deposits in Nigerian commercial banks into Naira.

Denying the report via its Twitter handle, the apex bank noted that it had no such plan.

Punch Newspaper had reported that the move was to help stabilize the national currency.

According to the media outlet, a “Presidential source” said that the problem of forex scarcity and the naira fall was an elite issue, adding that the Federal Government would not fold its arms and continue to watch some individuals hoarding foreign currencies at the expense of the naira.

However, in a swift reaction to the report by Punch, the CBN denied having such plans. The CBN described the report by Punch as fake news.