CBN Apex bank not converting $20 billion in domiciliary accounts to Naira

Godwin Emefiele has stated that the apex bank does not intend to convert the $20 billion found in private domiciliary accounts to naira.

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Godwin Emefiele, CBN Governor play

Godwin Emefiele, CBN Governor

(Prenium Times)
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Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) have stated that the apex bank does not intend to convert the $20 billion found in private domiciliary accounts to naira.

Emefiele said this during a presentation at the Monetary Policy Committee resolution on Tuesday, March 22, 2016.

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

The Government’s statement is coming after Joseph Nnana, deputy governor, financial system surveillance; CBN indicated that about $20 billion lying idle in various domiciliary accounts.

It was stated that the private domiciliary accounts is one of the numerous reasons why the US dollar keeps fluctuating against Naira.

Read: See 2015 forbes list here

Nnana 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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