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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.

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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