CBN says 'big men' responsible for Naira slide, $20 billion idle in foreign accounts

folarin okunola

March 4, 2016 3:29 PM

The apex bank also claimed that certain privileged Nigerians were behind the inconsistent state of the value of the naira by embarking on dollar speculation to the detriment of the local currency.

CBN Building

The Central Bank of Nigeria (CBN) expressed concerns over the huge sums of money put at about $20 billion currently lying idle in different domiciliary accounts of Nigerians.

Dr. Joseph Nnana, deputy governor, Financial System Surveillance at the CBN, stated this at a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget saying, “Distinguished chairman sir, we have $20 billion lying idle in various domiciliary accounts of many customers at the various banks across the country. This is part of the reasons why the naira has continued to slide against the US dollar.”

Nnana, however, expressed hope that the passage of the 2016 budget would put a stop to the unrestrained drop in the value of the naira.

“The CBN will embark on aggressive liquidity mop-up to enable the naira regain confidence. The CBN will not sit down and watch the consistent fall of the naira. After the passage of the 2016 budget, the naira will begin to bounce back. Those who speculate on dollars will have their fingers burnt,” he said.

folarin okunola