Abuja, Feb. 5, 2024 – The Central Bank of Nigeria (CBN) has denied any plan to convert $30 billion deposits in domiciliary accounts to naira.
A report has said the CBN was considering the the conversion of foreign currencies in domiciliary accounts of residents to naira to stabilise the foreign exchange market.
The apex bank has, however, denied the report through a post on its official handle.
“No plans to convert $30bn domiciliary deposits to naira. This news is fake!”
The CBN last week announced two measures to stabilise the foreign exchange market and stop the steady depreciation of the naira at the market.
It directed deposit banks to ensure that the Net Open Position (NOP) limit of their overall foreign currency assets and liabilities on-and-off-balance sheet does not exceed 20 per cent short or zero percent long of shareholders’ funds unimpaired by losses using the gross aggregate method.
The CBN also announced the removal of the allowable limit of exchange rate quoted by the International Money Transfer Operators (IMTOs).
This is to curtail foreign currency speculation in the foreign exchange market. (GBN)
