Transcribed

NIGERIA: Central Bank Disputes Claim To Convert $30bn Domiciliary Deposits To Naira

Feb 4, 2024 · 1m 52s
NIGERIA:  Central Bank Disputes Claim To Convert $30bn Domiciliary Deposits To Naira
Description

The Central Bank of Nigeria (CBN) on Saturday said there is no plan to convert $30bn domiciliary deposits to naira. Reports presented in the news media that Federal Government and...

show more
The Central Bank of Nigeria (CBN) on Saturday said there is no plan to convert $30bn domiciliary deposits to naira. Reports presented in the news media that Federal Government and the apex banks were considering the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise Nigeria’s currency, which earlier this week recorded its worst performance in history.

Be that as it may, the apex bank dismissed the report as “fake news” in a post on Saturday, urging the public to disregard such speculations.
“No plans to convert $30bn domiciliary deposits to naira. This news is fake!,” the post reads. The apex bank’s reaction comes two days after it ordered Deposit Money Banks (DMBs) to sell their excess dollar stock latest February 1, 2024, as part of moves to stabilise the nation’s volatile exchange rate.

The CBN had a circular released on Wednesday warned lenders against hoarding excess foreign currencies for profit. In the circular titled, “Harmonization of Reporting Requirements on Foreign Currency Exposures of Banks”, the apex bank raised concerns over the growing trend of banks holding large foreign currency positions. The apex bank had earlier warned banks and FX dealers against reporting false exchange rates, among others.

The CBN accused banks of holding excess foreign exchange positions. It gave lenders until February 1, 2024 to sell off excess dollars in their vault.
show less
Information
Author Infographics Daily News
Organization Fadaka Studios - Web Radio.
Website -
Tags

Looks like you don't have any active episode

Browse Spreaker Catalogue to discover great new content

Current

Podcast Cover

Looks like you don't have any episodes in your queue

Browse Spreaker Catalogue to discover great new content

Next Up

Episode Cover Episode Cover

It's so quiet here...

Time to discover new episodes!

Discover
Your Library
Search