CBN Refutes Rumors of Converting $30 Billion Domiciliary Deposits to Naira

Taiwo Ajayi
2 Min Read

Amidst widespread speculation and rumors, the Central Bank of Nigeria (CBN) has taken a definitive stance, categorically refuting any plans to convert the substantial $30 billion domiciliary deposits into the local currency, Naira.

The speculations had gained traction, suggesting that the Federal Government and the CBN were contemplating such a measure in an effort to bolster the struggling Naira.

Clarifying the situation, the CBN addressed the issue on Saturday, asserting that the reports were baseless and labeling them as ‘fake news.’

Through an official statement on its designated platform, the CBN conveyed a resolute message: “No plans to convert $30 billion domiciliary deposits to Naira. This news is fake!”

This denial comes at a time when economic discussions and concerns about the stability of the Naira have been prevalent.

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The statement not only quashes the circulating rumors but also seeks to reassure the public and stakeholders that such a drastic measure is not on the horizon.

As the nation grapples with economic challenges, the CBN’s swift response aims to dispel misinformation and maintain confidence in the financial system.

The importance of accurate information in financial matters is paramount, and the CBN’s proactive denial serves as a reminder of the significance of transparent communication in managing economic uncertainties.

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