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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

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

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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.

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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