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By Chinwendu Obienyi
The Federal Government and the Central Bank of Nigeria (CBN) have denied that they are both planning to convert foreign exchange in depositors’ domiciliary accounts to Naira.
This is coming after one of the national dailies had published that the Federal government is considering converting about $30 billion domiciliary deposits to Naira in its bid to stop the crash of the Naira.
However, in separate statements at the weekend, both the government and CBN assert that the publication of such false information, especially during a time when efforts are being made to restore economic stability and confidence in the nation’s currency, is tantamount to economic sabotage.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, on Saturday, where he said there was no iota of truth in the report, dismissing it as falsehood. He said, “There is no iota of truth that the Federal Government plans to convert foreign exchange in depositors’ domiciliary accounts to naira.
For the avoidance of doubt, I emphasize that depositors’ foreign currency in their domiciliary accounts will not be converted to naira.”
The CBN in a statement via its Acting Director, Corporate Communications, Sidi-Ali Hakama, said that similar false narratives have been spread in recent months, suggesting that vested interests are determined to sabotage the efforts of the apex bank.
“This allegation is absolutely false and aims to trigger panic in the foreign exchange market, which the CBN is working assiduously to stabilize, as evidenced by its recent work and policy directions. Similar false narratives have been spread on the work of the CBN over the past few months and it is clear that vested interests are determined to sabotage our efforts.
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”, the statement said.
The CBN also expressed concerns that the false information aims to trigger panic in the foreign exchange market and urged stakeholders to disregard such stories as it is the only designated authority for monetary policy changes.
“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. The CBN is always open to answer questions about our policies”, It said.
