Converting Domiciliary Account Into Naira: CBN Reveals True Position

In a statement on Saturday by the Director, Corporate Communications, Osita Nwanisobi, the apex bank said a fake circular with a fake CBN logo curiously dated "13 September 2021ÔÇØ (next Monday), and purportedly issued by its Trade and Exchange Department directed that all Deposit Money Banks, International Money Transfer Operators (IMTOs) and members of the public are to convert domiciliary account holdings into naira.

"We wish to reiterate that the Bank has not contemplated, and will never contemplate, any such line of action. The speculation is a completely false narrative aimed at triggering panic in the foreign exchange market,ÔÇØ CBN said.

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 (USD).

"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.ÔÇØ

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.