NAIJAONLINE

FG, CBN deny plans to convert $30 billion domiciliary deposits to naira The Federal Government and the Central Bank of Nigeria (CBN) have denied that there are plans to convert $30 billion domiciliary deposits to naira. This is a reaction to reports that the Federal Government and the apex bank were considering converting domiciliary accounts to naira as part of measures to solve the foreign exchange (forex) crisis and stop the crash of the naira. This disclosure is contained in a statement by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, on Saturday, where he said there was no iota of truth in the report, dismissing it as falsehood. The CBN also in a post on its official X (formerly Twitter) account on Saturday, February 3, 2024, described the report as fake. What the FG and CBN are saying Edun in his statement said, “ There is no iota of truth in the claims of Punch Newspaper that the Federal Government plans to convert foreign exchange in depositor...