No plan to convert $30bn domiciliary account funds to naira – CBN

The Central Bank of Nigeria (CBN) has debunked the media report that it plans to convert an estimated $30billion in depositors’ domiciliary accounts to naira.

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A national daily (not Daily Trust) had reported that the federal government had concluded plans to convert foreign exchange in domiciliary accounts in its efforts to provide more foreign exchange and save the naira from further depreciation.

However, the CBN has refuted the report as ‘fake news’ on its official X page, saying, “No plan to convert $30bn domiciliary deposits to naira. This news is fake!”

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Similarly, the Coordinating Minister of Economy, Mr Wale Edun, also said the federal government had no such intention.

According to the minister, “There is no iota of truth in the report that the federal government plans to convert foreign exchange in depositors’ domiciliary accounts to naira

“The publication of such falsehood at a time when the government is working to restore economic stability and confidence in the national currency is tantamount to economic sabotage.

“This report violates the standard of responsible journalism and it is a breach, which will no doubt be taken up by the appropriate authorities in due course. For the avoidance of doubt, I emphasize that depositors’ foreign currency in their domiciliary accounts will not be converted to naira.”

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