The Federal Government and the Central Bank of Nigeria (CBN) have refuted reports of plans to convert foreign cash in depositors’ domiciliary accounts into naira.
On Saturday, certain media outlets reported that the Federal Government planned to convert domiciliary accounts to naira in order to boost the naira.
However, in a statement, the Coordinating Minister of the Economy, Wale Edu, claimed that the article included no truth and was untrue.
He said:
“There is no iota of truth in the claims of Punch Newspaper 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.
“For the avoidance of doubt, I emphasize that depositors’ foreign currency in their domiciliary accounts will not be converted to naira.”
The CBN also denied the report on its X page.
It said:
“No plans to convert $30bn domiciliary deposits to naira. This news is fake!”