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Forex: No plan to convert domiciliary accounts into naira —CBN

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The Central Bank of Nigeria has assured members of the public that it didn’t issue a directive to convert the foreign exchange in the domiciliary accounts of customers into naira, as falsely purported on social media.

In a circular issued on Saturday, the apex bank said that it would never contemplate such line of action, adding that the speculation is completely false and aimed at triggering panic in the foreign exchange market.

The circular which was signed by the Director of Corporate Communication, Osita Nwanisobi was titled, ‘CBN categorically denies, and strongly condemns peddlers of, rumour on domiciliary account holdings’.

It read, “The attention of the Central Bank of Nigeria has been drawn to a fake circulation, in social media circles, of a circular with a fake CBN logo curiously dated “13 September 2021”, and purportedly issued by its Trade and Exchange Department to the effect that all Deposit Money Banks, international Money Transfer Operators 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.”

The Bank had previously assured members of the public that there was no plan whatsoever to convert the foreign exchange in the domiciliary accounts of customers into naira in order to check purported shortage of availability of the United States dollars.


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.

“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 circular added.


The Bank also warned corporate bodies and members of the public against the unauthorized use of the Bank’s logo for any purpose whatsoever.

It added that the attention of appropriate authorities has been drawn to publication and culprits will be sanctioned accordingly.

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