The Central Bank of Nigeria (CBN) has refuted claims the Federal Government is considering converting $30bn domiciliary deposits to Naira to combat the current currency crisis, urging all stakeholders to disregard stories aimed at causing panic in the system and see them clearly for what they are – acts of national sabotage.
The CBN in a statement said the allegation is absolutely false and aims to trigger panic in the foreign exchange market, which it is working assiduously to stabilize. Hakama Sidi Ali, acting Director Corporate Communications CBN stated that the bank’s action so far is evidenced by its recent work and policy directions.
She added that similar false narratives have been spread on the work of the CBN over the past few months, indicating that vested interests are determined to sabotage the bank’s efforts.
Sidi Ali assured the general public that the CBN is working to build confidence and would never do anything to undermine the currency and the economy.
The CBN she stated is always open to answer questions about its policies as it is the only designated authority for monetary policy changes and will always advise on any policy change(s) before they are brought into operation.
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