The Central Bank of Nigeria has rejected reports suggesting that it intends to convert $30 billion in domiciliary deposits held in Nigerian commercial banks into Naira. The initial claim, reported by Punch, suggested that this measure was being considered to stabilize the national currency. According to a “Presidential source,” the government was concerned about forex scarcity and the depreciation of the naira, particularly among the elite who were accused of hoarding foreign currencies.
However, the CBN swiftly responded through its social media channels, denying any such plan.
