The Central Bank of Nigeria has assured members of the public that it didn’t issue a directive to convert the foreign exchange in the domiciliary accounts of customers into naira, as falsely purported on social media.

In a circular issued on Saturday, the apex bank said that it would never contemplate such line of action, adding that the speculation is completely false and aimed at triggering panic in the foreign exchange market.

The circular which was signed by the Director of Corporate Communication, Osita Nwanisobi was titled, ‘CBN categorically denies, and strongly condemns peddlers of, rumour on domiciliary account holdings’.

It read, “The attention of the Central Bank of Nigeria has been drawn to a fake circulation, in social media circles, of a circular with a fake CBN logo curiously dated “13 September 2021”, and purportedly issued by its Trade and Exchange Department to the effect that all Deposit Money Banks, international Money Transfer Operators and members of the public are to convert domiciliary account holdings into naira.

We wish to reiterate that the Bank has not contemplated, and will never contemplate, any such line of action. The speculation is a completely false narrative aimed at triggering panic in the foreign exchange market.”

The Bank had previously assured members of the public that there was no plan whatsoever to convert the foreign exchange in the domiciliary accounts of customers into naira in order to check purported shortage of availability of the United States dollars.

Operators of domiciliary accounts and other members of the banking public are therefore advised to completely disregard these fictitious documents and malicious rumours, and go about their legitimate foreign exchange transactions.

“The public should note that any circular issued by the Central Bank of Nigeria (CBN) is posted on its website (www.cbn.gov.ng) for the attention of the general public,” the circular added.

The Bank also warned corporate bodies and members of the public against the unauthorized use of the Bank’s logo for any purpose whatsoever.
It added that the attention of appropriate authorities has been drawn to publication and culprits will be sanctioned accordingly

Source: https://punchng.com/forex-no-plan-to-convert-domiciliary-accounts-into-naira-cbn/

For now, right?

Those purveyors of fake news on social media and other platforms keep giving this government a reason to regulate those channels. Freedom is good, but let no man abuse it.

I tend to think the fake news is real cos it is the system of the present CBN governor. He is an experimentalist with Nigeria monetary policy. When you hear some of his idea you know this will fail or wander if CBN Gov is empty headed human being. I haven't seen any strategic ideal from him like Soludo and SLS did. This is what happens when nepotism of Jonathan takes over competence.

He is an experimental CBN Gov.

It better be a joke and you people better not even think in that direction.

Continue toiling with Nigerians. One day, we shall arise and take what rightfully belongs to us

Ok

Let all Brace up for 1$ to 600 naira

okay o

cool.
however this government can't be trusted.
there will be a rush by the people in the diaspora who maintain domiciliary account to pull their dollars back.

Dollars might end up at 700 by the end of the year.

My suggestion is simple, allow Nigerians to spend at least $3000 using their naira master and visa cards.

The rate will drop significantly, wonder why CBN have not implemented that.

OgogoroFreak:
For now, right?

abi o , these govt is capable of some of the weirdest of actions as seen in recent times ..

OK

SmartPolician:
Those purveyors of fake news on social media and other platforms keep giving this government a reason to regulate those channels. Freedom is good, but let no man abuse it.

I dunno... anything is possible. Till January 2021, no one could imagine CBN would insist remittances could be only done in dollars, no matter the country of origin. Banks nor money transfer companies could no longer issue naira when somebody sends forex. For a CBN touting cashless society, it seemed awful weird that one had to physically withdraw dollars from the bank, find an informal BDC (i.e. aboki), then come back to the bank to deposit naira, hopefully without being waylaid by people eyeing your ghana-must-go bag.

In spite of this absolute "brilliance" and all the "learned, educated justfication" which most Nigerians knew was bunk, Naira has sunk from 380 in January to 550 in September.

I won't surprise me at all if the brains at CBN are mulling over another harebrained scheme to convert dom accounts to naira because it would give them liquidity. Next they will say, "to receive money from abroad, the sender has to physically travel to Nigeria and bring the cash on them - no more money transfer"

Hmmm
CBN no problem

I pity Emeifele, being the Governor of CBN is like a fireman trying to put out a fire in a gas plant. The underlying factors are just too numerous. But like his boss both of them are just throwing sticks at a moving truck.

Front page 3ce today (3x is a charm). I dedicate this post to Iya Moses my neighbour that year wey dey use boobs torment my destiny that year for school. Sad part is I didn’t graduate with a 2.1 and I no sample the boobs, wetyn come be my gain

One thing is consistent about this government, the act of lying. They can lie to the extent of calling a morning an afternoon.
There was indeed a move by Buhari to seize all the forex in domiciliary account of private individuals in deposit money banks.
The first attempt was made during the Crude Oil collapse in early 2020 following the Covid-19 pandemic.
Buhari was warned of the implications that would follow the move.
The matter was also mentioned at Northerners House of Assembly.
Buhari is still contemplating the move.
The initial rejection of the proposal was what made this government of liars to throw Nigeria into a bottomless pit of Internal and external borrowing.
They even passed a bill that authorised central bank of the North to seize the liquidity of deposit Money banks in the name of cash reserves ratio adequacy.
This has never happened before in the hx of Nigeria.
If you have forex in your domiciliary account, rise up and withdraw it, keep it underground.
This government is determined to seize private individual forex account funds.
A stitch in time ......safes many
The circulating letter was real, it was leaked by a staff member of Central Bank of the North.
The illegal move would soon be backed by a superseding bill that will allow central bank to manage all currencies in Nigerian banks.
Already there was a loop hole in the existing cbn act which enable them to determine the fate of any legal tender, gold inclusive in Nigeria.
Remember, what Buhari cannot destroy does not exist.
Safeguard your forex.���
The endless list of dz deceptive and corrupt government cannot contain a 10 terabyte hardware.
The government denied, they were never going to increase pump price, yes they did
They denied, they were never going to devalue the Naira, with a slogan "we have enough war chest to meet Nigerians forex demand " if you hoard the Naira, it would burn u, today the Naira is destroyed by the commander in destroyer of Nigeria.
We warn Tinubu to be cautious of Hausa-Fulani he never listened to us, today the mystery of his life cannot be summarized. He was poisoned by the same people he brought to power. No Dr on earth can diagnosed the secret poisoned added to his food during a Salah break with Major Buhari in 2015 and 2016. Tinibu that used to be strong is now in a vegetative state , the irony of life, Buhari the sick man is now stronger than same Tinubu.
This government lied and lied and a groundson of Lier Mohammed asked him, grandpa , why were people calling you Liar Mohammed, he still lied for the child.
We broadcasted the news that Major Buhari was going to change his cabinet , after 3 weeks of denial he eventually did.
We told people the mission of Buhari the jihadist, people did not listen today the agenda is clear.
We told people that Buhari was going to abandon US with a secret defense pact with Russia, it happened.
We told people Buhari was going to ban social media after a period of denial he did
We told people that Buhari was going to establish Fulani colony in every local government in Nigeria , he denied dz , shortly he proposed livestock transformation he failed, he substituted it with RUGA , he failed , now he is bent on reclamation of colonial grazing routes? Bound to fail.
What Buhari cannot destroy does not exist with the exception of cattle and Fulani herdsmen and herders.
Naija safeguard your forex , Buhari is planning to pay Nigeria mammoth international debt obligations with the available forex in the Account of private individuals.
He is bend and determined to cease the unclaimed dividends , he sent a bill to the assembly in the name of a new finance act, he initially denied dz, today he is 95% sure of claiming the funds of mostly people from the South. He initially wanted to borrow the unclaimed dividends following opposition by some people he quickly passed a bill which empowered him to steal the unclaimed dividends.This has never happened in the history of Nigeria.
On so many occasions he claimed to have defeated boko haram , only for the insurgents to emerge stronger.
He was even forcing the formal statistician general to publish fake figures of an imaginary performance when 99% of Nigerians know that things have gone bad and beyond irreparable.
Indeed, a whole nation was given to the most wicked and heartless Hausa-Fulani hegemonists.
I rest my case.
Safeguard your forex
The letter was no fake.

Good development.

Anything to move our darling nation forward is what we are after @[/color].

GOD BLESS [color=#006600]NIGERIA.

SmartPolician:
Those purveyors of fake news on social media and other platforms keep giving this government a reason to regulate those channels. Freedom is good, but let no man abuse it.

dey dia dey yan okpekete ,what will you believe with this government in power?they tried Ruga we rejected it ,they came up with grazing routes we say no ,they came up ranching for free we say no,there is element of truth in this story,

When you talk carelessly, you give room for speculations. Policies are supposed to be well thought out before rolled out. Now our FDI is grossly suffering. Let's see how far this goes in changing the minds of foreign investors.
The Naira is dying, it needs urgent intervention!

Dialpad:
Dollars might end up at 700 by the end of the year.

My suggestion is simple, allow Nigerians to spend at least $3000 using their naira master and visa cards.

The rate will drop significantly, wonder why CBN have not implemented that.

They are using the current 100$ peg to curb money laundering

They better not even try that

Lol. The rate at which people trying to shore up thier dorm accounts, you really can't blame them

Dialpad:
Dollars might end up at 700 by the end of the year.

My suggestion is simple, allow Nigerians to spend at least $3000 using their naira master and visa cards.

The rate will drop significantly, wonder why CBN have not implemented that.

Good idea but it will be ABUSED… in so many ways

We No believe you o....

Original Backwoods available at Wholesale prices Dm us now for affordable prices

post=105730430:
Good development.

Anything to move our darling nation forward is what we are after @[/color].

GOD BLESS [color=#006600]NIGERIA.

Lol


I am not sure this news would be a concern for you.

You do not earn in dollars nor possess a dorm account.

This thread is for people who deal with living things.

How can u say anything to move the country forward?? Have u seen any developing country Spend its own currency only

Please quote when u earn and have forex only.

For now go and light charcoal, grill the dead meat

Dialpad:
Dollars might end up at 700 by the end of the year.

My suggestion is simple, allow Nigerians to spend at least $3000 using their naira master and visa cards.

The rate will drop significantly, wonder why CBN have not implemented that.

why do you think it'll drop drastically? I personally think it'll skyrocket. Because more people would be spending dollars more and more which is actually what the CBN wants to curtail.

deepwater:


Lol


I am not sure this news would be a concern for you.

You do not earn in dollars nor possess a dorm account.

This thread is for people who deal with living things.

How can u say anything to move the country forward?? Have u seen any developing country Spend its own currency only

Please quote when u earn and have forex only.

For now go and light charcoal, grill the dead meat

You dy mind am

Uncoordinated useless talk every day

nastyesco:
I pity Emeifele, being the Governor of CBN is like a fireman trying to put out a fire in a gas plant. The underlying factors are just too numerous. But like his boss both of them are just throwing sticks at a moving truck.

E be laik sey na you glue their yansh for the positions