CBN denies ordering banks to convert customers’ domiciliary accounts to naira

The Central Bank of Nigeria (CBN) has said it did not direct banks to convert all customers’ domiciliary accounts into naira accounts.

The apex bank in a statement on Saturday by its Director, Corporate Communications, Osita Nwanisobi, said a fake circular with a fake CBN logo curiously dated “13 September 2021” (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,” 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.”

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.