Nigerian Gov., CBN deny plan to convert $30bn in depositors domiciliary account to Naira

The Federal Government of Nigeria has denied a viral media report that it has commenced moves to convert the $30 billion in depositors’ domiciliary accounts to Naira.

In an attempt to supply additional foreign cash and prevent the Naira from depreciating further, the Federal Government has

A report went viral that the Central Bank of Nigeria has concluded preparations to convert foreign exchange in domiciliary accounts to the local currency to prevent the Naira from depreciating further.

The CBN in a statement described the reports as ‘fake news’ on its official X page, saying,  “No plans to convert $30bn domiciliary deposits to naira. This news is fake!”

The Coordinating Minister of Economy, Mr. Wale Edun also denied that the federal government had no plan to carry the reported move.

He said, “There is no iota of truth in reports 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.

“This report violates the standards of responsible journalism and it is a breach which will no doubt be taken up by the appropriate authorities in due course.

“For the avoidance of doubt, I emphasize that depositors’ foreign currency in their domiciliary accounts will not be converted to naira.”