CBN Reacts to Alleged Conversion of $30bn Domiciliary Deposits
The Central Bank of Nigeria (CBN) has reacted to the alleged plan by the Federal Government to convert $30bn domiciliary deposits to Naira.
The apex bank described the reports published by news outlets (not Economic Confidential) as false only created to cause panic in the foreign exchange market it is working hard to stabilise.
CBN Ag. Director, Corporate Communications, Mrs Sidi-Ali, Hakama disclosed this in an statement in Abuja on Saturday.
“The allegation is absolutely false and aims to trigger panic in the foreign exchange market, which the CBN is working assiduously to stabilise, 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 assures the general public that it was working to build confidence and would never do anything to undermine the currency and the economy, urging all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are – acts of national sabotage,” the statement reads.
CBN advised strongly advised against the peddling of false reports that have the potential to be disruptive to the economy while also stating that it is the only designated authority for monetary policy changes and will always advise on any policy change(s) before they are brought into operation, and is always open to answer questions about its policies.
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