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The Central Bank of Nigeria (CBN) has categorically denied any plans to convert US dollar domiciliary accounts into naira, as indicated in a statement released on Saturday. The CBN’s response comes in the wake of speculative media reports suggesting that the apex bank might convert $30 billion from domiciliary accounts to naira due to a shortage of US dollars.
In an official statement, the CBN addressed the allegations, terming them as entirely false and designed to instigate panic in the foreign exchange market. The statement emphasized the CBN’s unwavering commitment to stabilizing the foreign exchange market, citing recent efforts and policy directions undertaken to achieve this goal.
The CBN expressed concern about the recurrence of false narratives surrounding its actions, noting a pattern of attempts to sabotage its efforts. The statement reiterated the central bank’s dedication to building confidence and emphasized its refusal to undertake any action that could undermine the currency and the broader economy.
In response to the spreading of misleading information, the CBN urged the general public and stakeholders to disregard such stories, emphasizing that these are deliberate attempts at national sabotage. The statement concluded by advising against the propagation of false reports that have the potential to disrupt the economy, affirming that the CBN remains the sole designated authority for monetary policy changes.
The CBN assured the public that any policy changes would be communicated in advance, reinforcing its commitment to transparency and dispelling unwarranted concerns in the financial markets.
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