The Central Bank of Nigeria (CBN) has debunked a report that it intends to convert the $30 billion foreign currencies in the domiciliary accounts of Nigerians to naira.
The report, published by Punch, cited a source at the Villa who said that the federal government was considering a policy that would compel individuals and corporate entities to convert their idle foreign currencies to naira at a rate set by the CBN.
The source claimed that the policy was aimed at stabilizing the naira, which plunged to its lowest level ever in the official Nigerian Foreign Exchange Market on Monday.
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The source also said that the federal government was not happy with some elites who were hoarding foreign currencies and causing forex scarcity and naira depreciation.
However, the CBN denied the report in a tweet on Saturday morning.
It said: “No plans to convert $30bn domiciliary deposits to naira. This news is fake!”