CBN debunks issuing order to convert domiciliary accounts to naira

The Central Bank of Nigeria on Saturday distanced itself from issuing any directive to commercial banks to convert all customers’ domiciliary accounts meant for dollar and other hard currency transactions into naira accounts.

Communications, Osita Nwanisobi, said in a statement that the apex bank is not in any way connected with a “fake circular” with a “fake CBN logo curiously dated 13 September 2021” and purportedly issued by its Trade and Exchange Department, directing all Deposit Money Banks, International Money Transfer Operators (IMTOs) and members of the public are to convert domiciliary account holdings into Naira.

According to the statement: “We wish to reiterate that the Bank has not contemplated, and will never contemplate, any such line of action.

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The speculation is a completely false narrative aimed at triggering panic in the foreign exchange market.”

The apex bank in the statement recalled that it had assured that there was no plan to convert the foreign exchange in the domiciliary accounts of customers into Naira in order to check the alleged shortage of availability of the United States Dollar.

“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.”

The apex bank also warned corporate bodies and members of the public against the unauthorized use of the Bank’s logo for any purpose stating that the appropriate authorities have been notified and culprits will be sanctioned.

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