CBN denied claim to convert domiciliary accounts into naira

cbn denied claim to convert domiciliary accounts into naira
cbn denied claim to convert domiciliary accounts into naira

A claim that the Central Bank of Nigeria (CBN) passed orders to banks converting all customers’ domiciliary accounts meant for dollar and other hard currency transactions into naira accounts has been denied.

In a statement on Saturday by the Director, Corporate Communications, Osita Nwanisobi, the apex bank said a fake circular with a fake CBN logo curiously dated “13 September 2021” (next Monday), and purportedly issued by its Trade and Exchange Department directed that all Deposit Money Banks, International Money Transfer Operators (IMTOs) and members of the public are to convert domiciliary account holdings into naira.

“The Bank has never contemplated, and will never contemplate, taking such a course of action. A fake story aimed at causing panic on the foreign exchange market is being promoted by the speculation,” the CBN said.

It recalled that it had assured that it had no plans to convert the foreign currency in the domiciliary accounts of its customers into Naira in order to check the alleged shortage of the United States Dollar (USD).

“Domiciliary account holders and other members of the banking public are advised to ignore these fictitious documents and malicious rumours and to conduct their legitimate foreign exchange transactions.”

Corporate bodies and members of the public were also warned against unauthorized use of the Bank’s logo, noting that the appropriate authorities had been notified and culprits sanctioned.

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