The Central Bank of Nigeria (CBN) has denied claims that it plans to convert domiciliary account holdings into naira.
A national newspaper had reported that the Federal Government was considering the idea as part of reforms to address the country’s volatile foreign exchange market.
But in a statement published on its X handle on Saturday, the CBN insisted that there was no such plan, describing the viral report as fake news.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to a story published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira,” the statement read.
“This allegation is absolutely false and aims to trigger panic in the foreign exchange market, which the CBN is working assiduously to stabilize, as evidenced by its recent work and policy directions.
“Similar false narratives have been spread on the work of the CBN over the past few months and it is clear that vested interests are determined to sabotage our efforts.”
The apex bank assured the general public that it would never do anything to undermine the currency and the economy.