CBN denies plan to convert domiciliary accounts into Naira

The CBN also warned corporate bodies and members of the public against the unauthorised use of its logo for any purpose.

CBN Governor, Godwin Emefiele. [Vanguard]

Following a claim that the Central Bank of Nigeria (CBN) plans to convert Nigerians’ domiciliary accounts meant for dollar and other hard currency transactions into naira accounts, the CBN has debunked the claim, saying is it fake.

In a statement signed by its Director, Corporate Communications, Osita Nwanisobi, on Saturday, September 11, 2021, the apex bank said a fake circular purportedly issued by its Trade and Exchange Department directed 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,” CBN said.

The statement stressed that the apex bank has no plan to convert the foreign exchange in the domiciliary accounts of customers into Naira in order to check the alleged shortage of availability of the United States Dollar (USD).

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.” the CBN said.

The CBN also warned corporate bodies and members of the public against the unauthorised use of its logo for any purpose, stating that the appropriate authorities have been informed about the practice and culprits would be dealt with.


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