JUST IN: FG, CBN deny plans to convert $30 billion domiciliary deposits to naira

JUST IN: CBN denies any plans to redenominate the naira

The Federal Government and the Central Bank of Nigeria (CBN) have disputed that there are plans to convert $30 billion in domiciliary deposits into naira.

This is in response to rumors that the Federal Government and the Central Bank were considering converting domiciliary accounts to naira as part of efforts to resolve the foreign exchange (forex) crisis and halt the naira’s depreciation.

This announcement was made in a statement issued on Saturday by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who stated that the report included no truth and was erroneous.

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The CBN also called the claim bogus in a post on its official X (previously Twitter) account on Saturday, February 3, 2024.

Edun in his statement said,

  • There is no iota of truth in the claims of Punch Newspaper that the Federal Government plans to convert foreign exchange in depositors’ domiciliary accounts to naira.
  • “The publication of such falsehood. at a time when the government is working to restore economic stability and confidence in the national currency is tantamount to economic sabotage.
  • “For the avoidance of doubt, I emphasize that depositors’ foreign currency in their domiciliary accounts will not be converted to naira.”

The CBN in its post said,

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  • No plans to convert $30bn domiciliary deposits to naira. This news is fake!’’

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