CBN denies plans to convert forex in domiciliary accounts to naira

September 11, 2021
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The Central Bank of Nigeria (CBN) has stated categorically that it has no intention of converting forex in domiciliary accounts of bank customers to naira as a way of checking the shortage of US dollars in the country.

CBN stated this in a statement titled: CBN Categorically Denies, and Strongly Condemns Peddlers of Rumor on Domiciliary Account Holdings.”

“The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake circulation, in social media circles, of a circular with a fake CBN logo curiously dated “13 September 2021”, and purportedly issued by its Trade and Exchange Department to the effect that all Deposit Money Banks, International Money Transfer Operators (IMTOs) and members of the public are to convert domiciliary account holdings into naira.

READ ALSOE-naira: CBN Dep. Gov. urges banks to strengthen operational capacity

“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.

It will be recalled that the Bank had previously assured members of the public that there was no plan whatsoever to convert the foreign exchange in the domiciliary accounts of customers into Naira in order to check purported shortage of availability of the United States dollars.

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, as we have no doubt that these rumours are only aimed at impugning the integrity of the CBN and activating chaos in the system.

The public should note that any circular issued by the Central Bank of Nigeria (CBN) is posted on its website (www.cbn.gov.ng) for the attention of the general public.

“We also wish to warn corporate bodies and members of the public against the unauthorized use of the Bank’s logo for any purpose whatsoever. We have drawn the attention of appropriate authorities to this and culprits will be sanctioned accordingly.”

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