CBN Speaks On Plans To Convert Forex In Customers’ Domiciliary Accounts To Naira

The Central Bank of Nigeria (CBN), Saturday, has revealed its stands on converting the foreign currencies in customers’ accounts into Naira.

Brand News Day Nigeria reports that CBN, in a press release on its official website has debunked viral information making the round tagging it has ‘rumour’, adding that it has no intention of converting forex in domiciliary accounts of bank customers to naira as a way of checking the shortage of US dollars in the country.

The apex bank, in a press statement signed by Osita Nwanisobi, Director, Corporate Communications, Central Bank of Nigeria, titled: CBN Categorically Denies, and Strongly Condemns Peddlers of Rumor on Domiciliary Account Holdings’, strongly condemned the viral rumour.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake circulation, in social media circles, of a circular with a fake CBN logo curiously dated “13 September 2021”, and purportedly issued by its Trade and Exchange Department to the effect that all Deposit Money Banks, International Money Transfer Operators (IMTOs) and members of the public are to convert domiciliary account holdings into naira,” apex bank stated.

CBN Speaks On Plans To Convert Forex In Customers’ Domiciliary Accounts To Naira

“We wish to reiterate that the Bank has not contemplated, and will never contemplate, any such line of action. The speculation is a completely false narrative aimed at triggering panic in the foreign exchange market.”

The apex bank added that ”It will be recalled that the Bank had previously assured members of the public that there was no plan whatsoever to convert the foreign exchange in the domiciliary accounts of customers into Naira in order to check the purported shortage of availability of the United States dollars.

”Operators of domiciliary accounts and other members of the banking public are therefore advised to completely disregard these fictitious documents and malicious rumours, and go about their legitimate foreign exchange transactions, as we have no doubt that these rumours are only aimed at impugning the integrity of the CBN and activating chaos in the system.”

”We also wish to warn corporate bodies and members of the public against the unauthorized use of the Bank’s logo for any purpose whatsoever. We have drawn to the attention of appropriate authorities to this and culprits will be sanctioned accordingly.”