FG Shoots Down Report of Plans to Convert $30bn Domiciliary Accounts to Naira

*Allegation aims to trigger panic in foreign exchange market, says CBN

*FG determined to stabilise forex, ease living cost, Idris insists
*Says no political motive behind relocation of CBN, FAAN offices

Festus Akanbi in Lagos, James Emejo in Abuja and Laleye Dipo in Minna

The Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, yesterday angrily shot down a report that the federal government was planning to convert foreign currencies worth about $30 billion in domiciliary accounts of Nigerians to naira as part of the efforts to stabilize the nation’s currency, describing the report as economic sabotage.

Edun’s reaction is coming as the Central Bank of Nigeria (CBN) has also described the alleged plans to convert foreign currencies to naira as absolutely false and an attempt to trigger panic in the foreign exchange market.
This is just as the Minister of Information and National Orientation, Alhaji Mohammed Idris, has declared that the President Bola Tinubu-led administration was committed to implementing reforms to curb inflation, ease the cost of living and stabilise foreign exchange.
Idris has also reiterated that the planned relocation of some departments of the CBN and the Federal Airports Authority of Nigeria (FAAN) to Lagos has no political motive.

A major newspaper (not THISDAY) had reported yesterday that the federal government was mulling plans to convert $30 billion in domiciliary accounts to the depreciating national currency.
But in a swift reaction, Edun, in a statement issued yesterday, described the report as a falsehood that violates the standards of responsible journalism, adding that it is also “a breach, which will no doubt be taken up by the appropriate authorities in due course.”

 “There is no iota of truth in the claims that the federal government plans to convert foreign exchange in depositors’ domiciliary accounts to naira,” Edun added.
He argued that “the publication of such falsehood at a time when the government is working to restore economic stability and confidence in the national currency is tantamount to economic sabotage.”
According to the minister, “the report violates the standards of responsible journalism and it is a breach which will no doubt be taken up by the appropriate authorities in due course.”

“For the avoidance of doubt, I emphasise that depositors’ foreign currency in their domiciliary accounts will not be converted to naira,” Edun added.
Also reacting on its official X page, the CBN said: “No plans to convert $30bn domiciliary deposits to naira. This news is fake!”
In a separate reaction, the Acting CBN Director for Corporate Communications, Mrs. Sidi-Ali, Hakama, described the allegation as absolutely false and aimed at triggering “panic in the foreign exchange market, which the CBN is working assiduously to stabilise, as evidenced by its recent work and policy directions.”
She said similar false narratives had been spread on the work of the CBN over the past few months, adding that it was clear that vested interests were determined to sabotage the bank’s efforts.
Sidi-Ali said: “We want to assure the general public that CBN is working to build confidence and would never do anything to undermine the currency and the economy.

“We, therefore, urge all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are – acts of national sabotage.
“We wish to advise, in the strongest terms, against the peddling of false reports that have the potential to be disruptive to the economy.
“The bank is the only designated authority for monetary policy changes and will always advise on any policy change(s) before they are brought into operation.”

FG Determined to Stabilise Forex, Ease Living Cost, Malagi Insists

Meanwhile, the Minister of Information and National Orientation, Idris has declared that the Tinubu-led administration was committed to implementing reforms to curb inflation, ease the cost of living and stabilise foreign exchange.
The minister stated this yesterday in Minna, Niger State at the 2024 Press Week of the State Council of the Nigeria Union of Journalists (NUJ).
The minister’s Special Assistant on Media, Mr. Rabiu Ibrahim, in a statement quoted the minister as saying that the reforms will boost the country’s economic growth.

The minister, represented by the Director-General of the Voice of Nigeria, Malam Jibrin Baba Ndace, said 2024 had a lot of prospects for Nigerians as some of the promising initiatives of the administration began to bear fruits.
“2024 would be a great year for Nigeria as the Renewed Hope Agenda takes firmer roots for the growth of our nation’s economic development, invaluable human assets, and national security.

“The Tinubu administration will continue to implement macroeconomic reforms to achieve broad economic objectives of sustained economic growth aimed at bringing down inflation, easing the cost of living, stabilising foreign exchange and job creation, among others.
“Against the backdrop of the withdrawal of fuel subsidy, liberalising the foreign exchange regime, and the fight against corruption.
“The Tinubu-led government is showing fidelity to the rule of law and the independence of institutions as demonstrated in the recent judgments of the courts,” the minister explained.

Idris has also clarified that the planned relocation of some departments of the CBN and FAAN to Lagos State has no political motive.
“The recent decision to relocate certain departments of the Central Bank of Nigeria and the headquarters of the Federal Airports Authority of Nigeria to Lagos is part of a broader strategy to enhance operational efficiency.

“And also, streamline processes, ensure a responsive financial system for Nigeria, and cut operational costs. The directive aligns with global best practices and has no political motivation whatsoever as wrongly propagated.
“I assured that no policy of the present administration would put any part of the country in a disadvantageous position,” Idris said.
He said that Tinubu’s commitment to fairness and equitable development, as outlined in his oath of office, ensured that no policy under his administration would be of disadvantage to any region.

According to Idris, Tinubu’s dedication to fostering national unity and inclusivity is reflected in policies guided by principles of fairness and equality.
The minister also used the occasion to enlist the support of the media in the fight against fake news.