CBN Reacts to Alleged Conversion of $30bn Domiciliary Deposits

CBN Reacts to Alleged Conversion of $30bn Domiciliary Deposits
CBN Governor, Olayemi Cardoso
CBN Governor, Olayemi Cardoso


CBN Reacts to Alleged Conversion of $30bn Domiciliary Deposits

The Central Financial institution of Nigeria (CBN) has reacted to the alleged plan by the Federal Authorities to transform $30bn domiciliary deposits to Naira.

The apex financial institution described the studies printed by information retailers (not Economic Confidential) as false solely created to trigger panic within the international change market it’s working onerous to stabilise.

CBN Ag. Director, Company Communications, Mrs Sidi-Ali, Hakama disclosed this in an assertion in Abuja on Saturday.

“The allegation is totally false and goals to set off panic within the international change market, which the CBN is working assiduously to stabilise, as evidenced by its current work and coverage instructions.

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“Related false narratives have been unfold on the work of the CBN over the previous few months and it’s clear that vested pursuits are decided to sabotage our efforts.

“The apex financial institution assures most people that it was working to construct confidence and would by no means do something to undermine the forex and the economic system, urging all stakeholders to ignore tales geared toward inflicting panic within the system and see them clearly for what they’re – acts of nationwide sabotage,” the assertion reads.

CBN suggested strongly suggested in opposition to the peddling of false studies which have the potential to be disruptive to the economic system whereas additionally stating that it’s the solely designated authority for financial coverage adjustments and can all the time advise on any coverage change(s) earlier than they’re introduced into operation, and is all the time open to reply questions on its insurance policies.

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