CBN Refutes Report on Alleged Plans to Convert $30bn Domiciliary Deposits to Naira

James Emejo in Abuja 

Contrary to reports, the Central Bank of Nigeria (CBN) has said there are no plans to convert $30 billion domiciliary deposits to Naira. 

Posting on X, formerly Twitter, the apex bank denied reports that discussions were underway to effect such conversions as part of efforts by the federal government to rein in the current exchange rate challenges occasioned by supply shortages.  

The central bank said, “This news is fake!”

Details later…