By Ijeoma Wilfred
The Central Bank of Nigeria (CBN) says it has no plan to convert $30 billion in domiciliary accounts into Naira describing the report of a national newspaper as mere allegation that aims to cause panic in the foreign exchange market.
The reaction by the Apex bank comes days after a national daily reported that there are strong indications that the Federal Government is considering a policy that will stabilise the local currency – the Naira via conversion of foreign currencies in domiciliary accounts of Nigerians to naira.
The bank on Saturday issued a statement through Sidi Ali, Hakama Ag. Director, Corporate Communications, where it drew the attention of the public to what it called “a false narrative”
The statement reads” The attention of the apex bank had been drawn to a story published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira.
“This 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,” it said.
The Bank urged the public to disregard such false reports adding that it remains ” the designated authority for monetary changes and will always advise on any policy change before they are brought into operation”
“We, therefore, urge all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are – acts of national sabotage.
“We wish to advise, in the strongest terms, against the peddling of false reports that have the potential to be disruptive to the economy.
“The Bank is the only designated authority for monetary policy changes and will always advise on any policy change(s) before they are brought into operation. The CBN is always open to answer questions about our policies,” the CBN said.
