The Central Bank of Nigeria (CBN) has strongly refuted rumors that the Nigerian government is contemplating converting $30 billion in foreign currency deposits into the local naira. The allegations, which were widely circulated in a national news outlet, have been vehemently denied by the bank, which views these claims as misleading and potentially destabilizing for the foreign exchange market.
In a statement issued by the acting Director of Corporate Communications, Hakma Sidi-Ali, the CBN condemned the fabricated report, highlighting its intent to create unnecessary panic in the financial markets. The statement underscored that these rumors were entirely unfounded and part of an ongoing effort by certain groups to undermine the Nigerian economy’s stability.
“The Central Bank of Nigeria has taken note of reports alleging that the government is considering the conversion of $30 billion in domiciliary deposits to naira. These claims are categorically false and appear to be part of a broader strategy to provoke unrest in the foreign exchange market,” said Sidi-Ali.
The bank expressed its deep concern over such false narratives, suggesting that they were deliberately designed to sabotage the country’s economic stability. The CBN further clarified that the institution is committed to maintaining the strength of the naira and has been diligently working on policies to support the economy’s recovery.
“Over the past months, there have been persistent false reports targeting the credibility of the CBN and its operations. These narratives are harmful to the economic recovery and the confidence the public has in the financial system,” Sidi-Ali added.
The CBN emphasized that it has always been transparent with the public regarding any potential changes in monetary policy and that no such drastic measures as the alleged currency conversion would take place without prior official announcement.
The central bank also issued a stern warning against spreading false information that could potentially harm the economy. “The CBN is the sole authority responsible for monetary policy decisions. Any changes will be officially communicated to the public,” it stated.
In related news, the CBN recently directed commercial banks to reduce their excess dollar holdings by February 1st as part of efforts to streamline the forex market.
