Emefiele said this during a presentation at the Monetary Policy Committee resolution on Tuesday, March 22, 2016.
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.
Godwin Emefiele, CBN Governor
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![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
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.
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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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