The Federal Government, in collaboration with the Central Bank of Nigeria (CBN), has vehemently refuted recent media reports suggesting plans to convert $30 billion from depositors’ domiciliary accounts to Naira.
A newspaper had earlier published that the government was set to convert foreign exchange in domiciliary accounts to bolster foreign reserves and stabilize the Naira.
However, the CBN swiftly labeled these claims as ‘fake news’ on its official X page, asserting, “No plans to convert $30bn domiciliary deposits to Naira. This news is fake!”
Coordinating Minister of Economy, Mr. Wale Edun, joined the denial, emphasizing, “There is no truth in reports that the Federal Government plans to convert foreign exchange in depositors’ domiciliary accounts to Naira.”
Edun denounced the publication as economic sabotage, stating that such misinformation undermines efforts to restore economic stability and confidence in the national currency.
Edun concluded, “For the avoidance of doubt, I emphasize that depositors’ foreign currency in their domiciliary accounts will not be converted to Naira.”
The government and CBN urge the public to rely on accurate information as they work towards economic recovery.
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