The Central Bank of Nigeria (CBN) has denied plans to convert domiciliary accounts to Naira.

The CBN has issued a warning to businesses and the general public about the unlawful use of its emblem for any purpose.

The Central Bank of Nigeria (CBN) has disputed a rumor that the CBN aims to convert Nigerians’ domiciliary accounts used for dollar and other hard currency transactions into naira accounts.

The apex bank said in a statement signed by Osita Nwanisobi, Director, Corporate Communications, on Saturday, September 11, 2021, that a fake circular purportedly issued by its Trade and Exchange Department directed all Deposit Money Banks, International Money Transfer Operators (IMTOs), and members of the public to convert their domiciliary account holdings into naira.

“We want to be clear: the Bank has never considered, and will never consider, any such course of action. The speculation is based on a completely bogus story intended to cause panic in the foreign exchange market, according to the CBN.

The apex bank, according to the statement, has no plans to convert foreign exchange in clients’ domiciliary accounts into Naira in order to address the reported scarcity of the US dollar (USD).

“Operators of domiciliary accounts and other members of the banking public are thus urged to fully dismiss these bogus documents and malicious rumours and carry on with their legitimate foreign exchange transactions,” the CBN stated.

The CBN also issued a warning to businesses and members of the public regarding the unlawful use of its emblem for any purpose, stressing that the activity had been reported to the proper authorities, and that anyone responsible would be prosecuted.

The #CentralBank of #Nigeria #convert #domiciliary #Naira.

Leave a Reply

Jumia Black Friday Banners
Mobile Category