CBN Denies plans to convert forex in domiciliary account to Naira

The Central Bank of Nigeria (CBN) has disassociated itself from fake circular with CBN logo circulating in Social media purportedly that apex bank planned to convert domiciliary account holding to naira.

In a statement signed by Director, Corporate Communication, CBN, Osita Nwanisobi condemns every rumour on domiciliary açcount.

The statement which read in parts said “The attention of the 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.

“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.”

It will be recalled that the apex 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 purported shortage of availability of the United States dollars.