‘Fake News’, CBN Says No Plan To Convert $30b Domiciliary Deposits To Naira

The Central Bank of Nigeria (CBN) has denied news report making the rounds that it was planning to convert $30 billion domiciliary deposits to Naira.

The report alleged that in a bid to rescue the Naira from its free fall, the Federal Government and the CBN were considering converting domiciliary accounts to the local currency – Naira.

But the CBN on Saturday in a terse post on its official X handle @cenbank debunked the reports as ‘fake news’ . It reproduced the publication and splashed it with a bold incorrect symbol

It said: “No plans to convert $30bn domiciliary deposits to naira. This news is fake!”