CBN 'About $20 billion idle in domiciliary accounts,' bank's deputy governor says

Joseph Nnana, deputy governor CBN indicated that about $20 billion lying idle in various domiciliary accounts.

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Joseph Nnana, deputy governor, financial system surveillance, CBN during a meeting with government officials on the 2016 budget indicated that about $20 billion lying idle in various domiciliary accounts.

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Nnana stated that these domiciliary accounts is one of the reasons why US dollar has continued to increase against Nigeria Naira.

He added that though some privileged Nigerians might be behind the continuous rise in dollar against Naira, but the CBN is embarking on an aggressive liquidity mop-up to enable the naira regain confidence.

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 “The CBN will embark on aggressive liquidity mop-up to enable the naira regain confidence. The CBN will not sit down and watch the consistent fall of the naira. After the passage of the 2016 budget, the naira will begin to bounce back.

Those who speculate on dollars will have their fingers burnt,” he said.

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