FG planning to convert domiciliary accounts into Naira , says media report; It’s not true – CBN

*They are not being open in relationship with us – Respondent

By KEMI KASUMU

The Central Bank of Nigeria (CBN) has denied claims that it plans to convert domiciliary account holdings valued at 30 billion dollars into Naira.

A national newspaper had reported that the apex bank planned to convert domiciliary accounts into Naira, to address the unending depreciation of the local currency.

But the Acting Director of Corporate Communications Department, Mrs Hakama Sidi-Ali made the clarification in a statement in Abuja on Saturday.

“The attention of the CBN has been drawn to a story published by a national newspaper, alleging that the Federal Government is considering converting $30 billion 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,” she said.

She assured that the CBN was working to build confidence and would never do anything to undermine the currency and the economy.

She urged all stakeholders to disregard stories aimed at causing panic in the system and see them as 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 CBN is the only designated authority for monetary policy changes and will always advise on any policy changes before they are brought into operation.

“The CBN is always open to answer questions about our policies,” she said.

The News Agency of Nigeria (NAN) reports that the Naira has been on a free fall in the last few days, exchanging at N1,500 to the dollar.

This has created panic among some stakeholders who have been calling on the apex bank to take urgent steps to strengthen the Naira.

The denial by the Central Bank may, however, be one of those surface talks that reflect not the truth of the true position things as many that reacted to it are refusing to believe.

One of them said, “When we heard that they were going to make fuel pump price N500, they denied it. Where are we today? N645. Recently we heard they were going to increase fuel pump price to N1,200 but they also denied it.

“They are not being open in relationship with us. How do we believe they are not truly planning to turn our dollar acounts into Naira? The country is running like no one to be ask a question,” he said.