The Central Bank of Nigeria (CBN) says it has no plans to convert domiciliary account holdings valued at 30 billion dollars into Naira.
In a statement released on Saturday in Abuja, Mrs Hakama Sidi-Ali, the acting director of CBN’s corporate communications department, provided the clarification.
Jerrymusa.com reports that In response to a media report indicating that the apex intended to change domiciliary accounts into Naira to combat the persistent devaluation of the local currency, Sidi-Ali made his statement.
‘The CBN has been alerted to a story that a national publication published, claiming that the Federal Government is thinking of changing its domiciliary deposits of thirty billion dollars to Naira.
“The CBN is diligently trying to stabilise the foreign exchange market, as demonstrated by its recent work and policy directions.
This baseless claim is intended to incite panic in the market. “Over the past few years, similar misleading tales about the activities of the CBN have been propagated.
“Months, and it is evident that special interests are seeking to undermine our work,” the speaker stated.
CBN to Foster Trust
She gave assurances that the CBN was trying to foster trust and would never take any actions that would jeopardise the economy or the currency.
She advised all parties involved to consider reports intended to undermine the system as acts of national sabotage and to ignore them.
“Our utmost recommendation is to refrain from spreading misleading information that could cause economic instability.
“The CBN is the exclusive authority designated to make changes to monetary policy, and it will always provide advice on any changes to policy before their implementation.”
She declared, “The CBN is always open to answering questions about our policies.” Remember that in recent days, the value of the naira has plummeted, trading around N1,500 to the US dollar.”
Some stakeholders have been pushing the apex bank to take immediate action to support the naira, but this has caused panic among them.