CBN denies rumors of Conversion of Domiciliary Bank Accounts to Naira account



Thank you for reading this post, don't forget to subscribe!

Senior officials from both the Central Bank of Nigeria (CBN) and the federal Ministry of Finance have vehemently denied any plans to convert funds held in domiciliary accounts into Naira. Contrary to recent reports in a section of the press, Governor Yemi Cardoso and Finance Minister Wale Edun have categorically refuted these claims.

Governor Yemi Cardoso expressed his bewilderment at the publication of what he called a “baseless article” during a critical period in Nigeria’s financial history. He emphatically stated, “There is absolutely no such plan to seize funds in domiciliary accounts or to convert such funds to Naira.”

Finance Minister Wale Edun echoed these sentiments, dismissing the claims as entirely untrue. He stressed that the Federal Government has no intentions of converting foreign exchange in depositors’ domiciliary accounts to Naira. Edun criticized the report, labeling it as economic sabotage and a violation of responsible journalism standards.

Edun added, “For the avoidance of doubt, I emphasize that depositors’ foreign currency in their domiciliary accounts will not be converted to Naira.” Both officials urged caution against spreading unfounded rumors and reassured the public that the government is committed to restoring economic stability and confidence in the national currency.


Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:



More like this

Expert calls for relaxed dressing codes for workers

February 21, 2024. Azonuchechi Chukwu. Dr Biodun Adewumi of Life Healings...

NBS: 11.94 billion litres of petrol imported in first half 2023

February 21, 2024. Azonuchechi Chukwu. The National Bureau of Statistics says...

Lagos Police arrest three suspected cable thieves

February 21, 2024. Azonuchechi Chukwu. Police in Lagos State have arrested...

Poultry association blames rising cost of egg on forex, greed

February 21, 2024. Azonuchechi Chukwu. The Poultry Association of Nigeria (PAN),...
WP to LinkedIn Auto Publish Powered By :