CBN Condemns Rumours To Convert Forex In Domiciliary Accounts To Naira - Best BDC in Lekki Phase 1 | Dealmakers Bureau De Change

CBN Condemns Rumours To Convert Forex In Domiciliary Accounts To Naira

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CBN Condemns Rumours To Convert Forex In Domiciliary Accounts To Naira

The Central Bank of Nigeria has categorically denied and strongly condemned peddlers of rumors on domiciliary account holdings stating that it has no plans in converting domiciliary accounts to Naira.

In a press release by the apex bank, titled CBN Categorically Denies and Strongly Condemns Peddlers of, Rumor on Domiciliary Account Holdings the CBN said it has never contemplated nor does it plan on converting the foreign exchange in customer’s domiciliary account into Naira, to check the purported shortage of the US dollar.

According to the CBN this news is completely a rumor, false and holds no credibility.

In the circular released on September 11th, the Central Bank of Nigeria stated as follows:

The attention of the Central Bank of Nigeria (CBN) 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 (IMTOs) 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.

It will be recalled that 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, as we have no doubt that these rumours
are only aimed at impugning the integrity of the CBN and activating chaos in the system. 

The public should note that any circular issued by the Central Bank of Nigeria (CBN) is posted on its website ( for the attention of the general public. 

We also wish to warn corporate bodies and members of the public against the unauthorized use of the Bank’s logo for any purpose whatsoever. We have drawn to the attention of appropriate authorities to this and culprits will be sanctioned accordingly.”

The statement was signed by Osita Nwanisobi, Director, Corporate Communications, Central Bank of Nigeria.

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