CBN, Finance Minister Debunks Plan to Convert $30bn in Depositors Domiciliary Account to Naira

The Federal Government has denied the media report that it plans to convert the $30 billion in depositors’ domiciliary accounts to Naira.

Some media reports claimed this morning that the Federal Government had concluded plans to convert foreign exchange in domiciliary accounts in its efforts to provide more foreign exchange and save the Naira from further depreciation.

But the CBN has refutted the reports as ‘fake news’ on its official X page, saying,  “No plans to convert $30bn domiciliary deposits to naira.

The Coordinating Minister of Economy, Mr. Wale Edun also added his voice that the federal government had no such intention.

According to the minister, “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.”