CBN debunks rumours of plans to convert Forex in customer’s domiciliary accounts into Naira

Central Bank of Nigeria (CBN) has dismissed the rumours of plans to convert foreign exchange in customer’s domiciliary accounts into Naira.

Osita Nwanisobi, acting director, Corporate Communications, CBN, told journalists Monday, that the CBN never planned to tamper with the foreign exchange deposits in the accounts of customers, insisted that those making such allegations were criminal speculators whose intention was to create panic in the foreign exchange market.

Nwanisobi said that at no time did the CBN ever suggest or imply that it would tinker with the foreign exchange deposits of customers.

He urged operators of domiciliary accounts and other members of the banking public to go about their legitimate foreign exchange transactions and disregard fictitious stories aimed at pitching them against the Bank and triggering chaos in the system.

According to him, the apex  has put in place monitoring mechanism to guarantee the seamless sale of foreign exchange to customers who supported their requests with relevant documentation.

He said the CBN has also extracted the commitment of the banks, through their Chief Executive Officers, that customers with legitimate requests will not be turned back.

Recall, Godwin Emefiele, governor of CBN at his post Monetary Policy meeting (MPC) briefing on Tuesday, July 27, 2021, disclosed that the CBN would stop the weekly sale of foreign exchange to Bueaux de Change (BDCs) and that deposit money banks would henceforth sell to customers to meet their foreign exchange needs.

As a result of the instruction, bank chief executives met at the weekend and affirmed their readiness to meet the foreign exchange demands from genuine Foreign Exchange (FX) end-users as directed by the Central Bank of Nigeria.