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‘Fake news,’ CBN says no plan to convert $30bn in domiciliary accounts to naira



Appetite for all things foreign to blame for naira collapse, $98bn spent on medical tourism, others in 10 years - CBN 

The Central Bank of Nigeria (CBN) has dismissed as fake news, reports in some media outlets that it is planning to convert the $30 billion in depositors’ domiciliary accounts to naira.

A newspaper had reported that the Federal Government had concluded plans to convert foreign exchange in domiciliary accounts in it efforts to provide more foreign exchange and save the Naira from further depreciation.

However, the CBN has refutted the reports as ‘fake news’ on its official X page, saying, “No plans to convert $30bn domiciliary deposits to naira. This news is fake!”

The Coordinating Minister of Economy, Mr. Wale Edun also reacted to the report, noting that the federal government had no such intention.

According to the minister, “There is no iota of truth in reports that the Federal Government plans to convert foreign exchange in depositors’ domiciliary accounts to naira

“The publication of such falsehood at a time when the government is working to restore economic stability and confidence in the national currency is tantamount to economic sabotage.

“This report violates the standards of responsible journalism and it is a breach which will no doubt be taken up by the appropriate authorities in due course.

“For the avoidance of doubt, I emphasize that depositors’ foreign currency in their domiciliary accounts will not be converted to naira.”

Osun: CSDA presents multi-million naira cheques to community associations

By Sunday Oguntuyi Osogbo

The Osun Community and Social Development Agency, CSDA, on Friday presented another round of multi-million naira cheques to the community associations in the state to boost infrastructural development in their areas.

The event which is the second phase of cheque distribution to the community associations in the state is aimed at fastracking rural development.

Speaking at the event, the state Commissioner for Community Development and Rural Affairs, Alhaji Ganiyu Olaoluwa said the present administration in the state take Community development as a matter of importance.

Olaoluwa noted that governor Ademola Adeleke will not leave any stone unturn in the area of developing rural areas in the state.

He said, Governor Ademola Adeleke is so passionate about seeing development in the rural areas, hence, he’s giving maximum support to the CSDA in their bid to hasten community development.

He commended the governor for investing massively in the growth of different communities in terms of infrastructure, which have virtually captured everywhere, noting that his impact have spread across the state.


He implored the benefiting communities to work on sustainability plan and effective management of the projects after execution.

Earlier in her speech, the Osun CSDA General Manager, Mrs Ronke Abokede gave kudos to the Ademola Adeleke led government for the time to time support given to the agency in its quest to spread development across the communities in the state.

She urged the communities that have benefited and has still benefiting from the gesture to ensure proper monitoring of those projects for their own advantage.

The benefitting community associations could not hide their happiness as they appreciated the magnanimity of the government of the day.

Dignitaries at the event includes Special Adviser to the Governor of Osun State on CSDA, Alhaji Nurudeen Emiloju, directors from the agency among others.

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