CBN insists no plans to convert FX in domiciliary accounts to Naira

The Central Bank of Nigeria (CBN) at the weekend insisted that there were no plans to convert foreign exchange in domiciliary accounts of customers in order to check the purported shortage of the United States dollars in the country.

Osita Nwasinobi, director of corporate communications said this in a statement over the weekend.

“The attention of the Central Bank of Nigeria, CBN, has been drawn to a fake circulation, in social media circles, of a circular with a fake CBN logo curiously dated September 13, 2021, and purportedly issued by its Trade and Exchange Department to the effect that all Deposit Money Banks, International Money Transfer Operators, IMTOs, and members of the public are to convert domiciliary account holdings into naira,” the statement said.

“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.

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The CBN advised operators of domiciliary accounts and other members of the banking public to completely disregard these fictitious documents and malicious rumors, and go about their legitimate foreign exchange transactions, “as we have no doubt that these rumors are only aimed at impugning the integrity of the CBN and activating chaos in the system”.

The public should note that any circular issued by the Central Bank of Nigeria (CBN) is posted on its website (www.cbn.gov.ng) for the attention of the general public, the apex bank said.

“We also wish to warn corporate bodies and members of the public against the unauthorized use of the Bank’s logo for any purpose whatsoever. We have drawn the attention of appropriate authorities to this and culprits will be sanctioned accordingly,” the statement reads.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.