Business
JUST IN: Fresh Fact Emerges As Reports Of FG And CBN Planning To Convert $30 Billion Domiciliary Deposits To Naira Trends Online
JUST IN: Fresh Fact Emerges As Reports Of FG And CBN Planning To Convert $30 Billion Domiciliary Deposits To Naira Trends Online....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie John
In response to reports suggesting plans to convert $30 billion domiciliary deposits to naira, the Federal Government and the Central Bank of Nigeria (CBN) have categorically denied any such intentions. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, dismissed the claim as false, emphasizing that there is no truth to the allegations made by Punch Newspaper. The CBN, through its official Twitter account, also labeled the report as fake. READ FULL ARTICLE HERE:
Edun, in a statement, stated, “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.” He emphasized that depositors’ foreign currency in their domiciliary accounts will not be converted to naira. The CBN echoed these sentiments, declaring, “No plans to convert $30bn domiciliary deposits to naira. This news is fake!”
The alleged plans had sparked concerns about the potential impact on the foreign exchange market, prompting the acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi-Ali, to describe the allegation as false and aimed at causing panic. She emphasized that such false narratives are intended to sabotage the efforts of the CBN to stabilize the foreign exchange market.
The reports had suggested that the Federal Government was considering a policy to convert foreign currencies in domiciliary accounts to naira, aiming to address the forex crisis and stabilize the national currency. The CBN had recently released a circular addressing concerns about excessive foreign currency speculation and hoarding by banks. The circular introduced guidelines to reduce the risks associated with these practices, giving banks until February 1, 2024, to sell off excess dollars in their vaults.
In response to the recent allegations, the CBN affirmed its commitment to building confidence and stability in the economy. It urged stakeholders to disregard false reports aimed at causing panic and emphasized that the bank is the only designated authority for monetary policy changes.
The denial by both the Federal Government and the CBN serves to reassure the public and stakeholders, emphasizing their commitment to maintaining economic stability and confidence in the national currency.
For more information join our WhatsApp group by clicking the link here: WhatsApp Group Invite
Olajumoke Onibread Responds To Backlash, Says Viral Video Was Scripted Content
He Was Not INEC Chairman Then” — Akpabio Speaks On Amupitan’s Alleged Social Media Post
Tension In Ondo As Finance Commissioner Allegedly Invited Over Assault, Murder Claims
Controversy Looms As Fayose Pays Courtesy Visit To Olubadan (Video)
BREAKING: Court Stops ADC National Convention Amid Leadership Crisis
Abba Kabir Yusuf Declares: ‘I Am APC Leader In Kano, Ganduje Can’t Give Me Orders
Here’s What Happened” — Ex-Army Chief Buratai Speaks On Borno Airstrike Tragedy
The People’s Mandate, The Calm Within the Storm: Why Oredo Is Looking Toward Esosa Iyawe
Breaking: Atiku Abubakar Secures $1.2M U.S. Lobbying Contract For 2027 Bid
