$30bn Domiciliary Deposit Conversion: CBN Debunks Report

The Central Bank of Nigeria has debunked the allegation that it plans to convert $30bn domiciliary deposits to Naira stating that the news is unfounded and aimed to trigger panic in the foreign exchange market.

In a statement signed by Sidi Ali, Hakama, the Acting Director of Corporate Communication warned that such false news can disrupt the economy of the country.

While urging stakeholders to disregard the false publication, It reminded individuals that banks remain the only authority in monetary policy and changes.

It called on citizens to desist from spreading false narratives as they were working to build confidence and would never do anything that would undermine the economy and the currency.

On Friday, the CBN banned banks and fintech from the International Money Transfer Operation, IMTO. In a circular on ‘Guidelines on International Money Transfer Services in Nigeria,’ the apex bank said, “All banks are prohibited from operating International Money Transfer services but can act as agents.

“Also, financial technology companies are not allowed to obtain approval for IMTO. The new guidelines by the CBN are meant to guide the IMTOs in conducting money remittances in compliance with the regulatory framework established by the CBN.”

Recall that there has been an increased depreciation of the Naira as it is one thousand four hundred and fifty-four, N1454 as of Saturday.