CBN dismisses plan to convert domiciliary account to naira

The Central Bank of Nigeria on Thursday night said it had no plan to convert the foreign domiciliary account of customers of deposit money bank into naira.
The apex bank, in a statement in Abuja, said it had, at no time, contemplated taking such a decision.
CBN’s statement was in reaction to speculations that the bank might convert such account into naira in a bid to reduce the pressure on the foreign exchange market.

The statement by the CBN Director, Corporate Communications, Ibrahim Mu’azu, read in part, “The attention of CBN has been drawn to a malicious rumour purporting that the CBN is planning to convert the Foreign Currency Domiciliary Account Deposits (US Dollars or British Pounds Sterling) of customers in Nigerian banks into Naira.

“The CBN wishes to refute this rumour in the strongest possible terms. This story is categorically and completely untrue and has no basis whatsoever in the Bank’s pronouncements or plans.
“The CBN has never contemplated such an action and has no intention to do so.
“For the avoidance of doubt, the CBN would like to reiterate that customers who operate domiciliary accounts as well as the general public should disregard this fictitious rumour, and go about their normal businesses.”

It explained that there was no intention at all to tamper with the Foreign Exchange Currencies in the accounts of customers in the banks.