HomeWorld NewsNigeria NewsCBN: We Are Not Converting Domiciliary Account Holdings into Naira

CBN: We Are Not Converting Domiciliary Account Holdings into Naira

The Central Bank of Nigeria (CBN) has advised Nigerians to disregard reports that domiciliary account operators have been told to convert their holdings into naira.

CBN: We Are Not Converting Domiciliary Account Holdings into Naira

The CBN’s Director of Corporate Communications, Osita Nwanisobi, said in a statement on Saturday that the alleged directive did not come from the bank.

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According to him, the country’s financial regulator is aware of a circular bearing a forged CBN logo that issued the directive to Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs), and members of the public.

 

Nwanisobi emphasized that the CBN did not intend to take such a course of action and would have no reason to do so, claiming that the directive was intended to cause panic in the foreign exchange market.

“We would like to emphasize that the Bank has not considered, and will never consider, any such course of action. “The speculation is a completely false narrative designed to cause panic in the foreign exchange market,” he stated.

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As a result, the CBN spokesman urged domiciliary account holders and members of the banking public to continue with their legitimate foreign exchange transactions.

CBN: We Are Not Converting Domiciliary Account Holdings into Naira

He warned them to be wary of misleading circulars and promised that any circulars issued by the bank would be posted on the bank’s website (www.cbn.gov.ng).

Nwanisobi issued a warning against the unauthorized use of the CBN logo, stating that appropriate authorities were already working to apprehend those responsible for the misleading circular.

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Read the statement from the CBN below:

View Table of Contents

CBN Press Release

Central Bank of Nigeria

CBN Categorically Denies and Strongly Condemns Peddlers of, Rumour on Domiciliary Account Holdings

The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake circulation, in social media circles, of a circular with a fake CBN logo curiously dated “13 September 2021”, and purportedly issued by its Trade and Exchange Department to the effect that all Deposit Money Banks, International Money Transfer Operators (IMTOs) and members of the public are to convert domiciliary account holdings into naira.

We wish to reiterate that the Bank has not contemplated, and will never contemplate, any such line of action. The speculation is a completely false narrative aimed at triggering panic in the foreign exchange market.

It will be recalled that the Bank had previously assured members of the public that there was no plan whatsoever to convert the foreign exchange in the domiciliary accounts of customers into Naira in order to check purported shortage of availability of the United States dollars.

Operators of domiciliary accounts and other members of the banking public are therefore advised to completely disregard these fictitious documents and malicious rumours, and go about their legitimate foreign exchange transactions, as we have no doubt that these rumours are only aimed at impugning the integrity of the CBN and activating chaos in the system.

The public should note that any circular issued by the Central Bank of Nigeria (CBN) is posted on its website (www.cbn.gov.ng) for the attention of the general public.

We also wish to warn corporate bodies and members of the public against the unauthorised use of the Bank’s logo for any purpose whatsoever.

We have drawn the attention of appropriate authorities to this and culprits will be sanctioned accordingly.

Osita Nwanisobi

Director, Corporate Communications

September 11, 2021

 

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