The Central Bank of Nigeria (CBN) has categorically stated that it has no intentions of converting domiciliary account holdings valued at $30 billion into Naira. Mrs. Hakama Sidi-Ali, CBN’s Acting Director of the Corporate Communications Department, issued a statement in Abuja to address recent media reports suggesting such a move to counter the ongoing depreciation of the local currency.
The statement refuted the claims, labelling them as “absolutely false” and designed to incite panic in the foreign exchange market. Mrs. Sidi-Ali emphasized the CBN’s dedication to stabilizing the market, which is evident in its recent efforts and policy directions. She expressed concern over the spread of false narratives in the past months, attributing them to vested interests attempting to undermine the CBN’s initiatives.
Reassuring stakeholders, Mrs. Sidi-Ali affirmed that the CBN is actively working to build confidence and would never engage in actions that could undermine the currency and the economy. She urged all stakeholders to dismiss stories aimed at causing panic, considering them acts of national sabotage.
The statement concluded with a firm advisory against disseminating false reports that could potentially disrupt the economy. The CBN remains the sole authority for monetary policy changes and is committed to providing timely advice on policy adjustments before implementation.
As concerns grow over the recent depreciation of the Naira, trading at N1,500 to the dollar, stakeholders have urged the CBN to take urgent measures to strengthen the currency.
