Monday, September 20, 2021

No Plan To Convert Foreign Currencies In Domiciliary Accounts Into Naira – CBN

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The Central Bank of Nigeria (CBN) has stated that it is not planning to convert foreign exchange (FX) in the domiciliary accounts of customers into naira.

Central Bank Reduces Intervention Interest Rate From 9% To 5%
Osita Nwanisobi, CBN spokesperson, stated this in a circular issued on Saturday.

He said the speculation is false and aimed at triggering panic in the foreign exchange market.

Nwanisobi stressed that the apex bank would never contemplate such a line of action.

“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,” the circular reads.

Read Also: CBN Orders Banks To Publish Names And BVN Of Forex Policy Defaulters

“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.”

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Photo Credit: Getty

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