We Won’t Convert Forex In Dom Accounts Into Naira — CBN

The Central Bank of Nigeria (CBN) has dismissed speculations
that it planned to convert the foreign exchange in domiciliary
accounts of customers into naira.

This is coming just as the CBN has assured Nigerians of
sufficient forex at the banks to meet obligations following last
Monday’e ban of forex sales to BDCs.

With the ban, the CBN directed Deposit Money Banks (DMBs) to
sell foreign exchange to customers, for Invisibles such as basic
travel allowance, PTA, medical and tuition etc, the Bank has
assured members of the banking public that the CBN will monitor the
commercial banks to ensure they meet the legitimate FX demands of
customers.

The Bank’s Acting Director in charge of Corporate
Communications, Osita Nwanisobi, said that “the CBN never planned
to tamper with the foreign exchange deposits in the accounts of
customers, insisted that those making such allegations were
criminal speculators whose intention was to create panic in the
foreign exchange market.”

According to him, at no time did the CBN ever suggest or imply
that it would tinker with the foreign exchange deposits of
customers. He therefore urged operators of domiciliary accounts and
other members of the banking public to go about their legitimate
foreign exchange transactions and disregard fictitious stories
aimed at pitching them against the Bank and triggering chaos in the
system.

He further noted that the CBN had put in place monitoring
mechanism to guarantee the seamless sale of foreign exchange to
customers who supported their requests with relevant
documentation.

He said the CBN had also extracted the commitment of the banks,
through their Chief Executive Officers, that customers with
legitimate requests will not be turned back.

The Central Bank of Nigeria (CBN) has dismissed speculations
that it planned to convert the foreign exchange in domiciliary
accounts of customers into naira.

This is coming just as the CBN has assured Nigerians of
sufficient forex at the banks to meet obligations following last
Monday’e ban of forex sales to BDCs.

With the ban, the CBN directed Deposit Money Banks (DMBs) to
sell foreign exchange to customers, for Invisibles such as basic
travel allowance, PTA, medical and tuition etc, the Bank has
assured members of the banking public that the CBN will monitor the
commercial banks to ensure they meet the legitimate FX demands of
customers.

The Bank’s Acting Director in charge of Corporate
Communications, Osita Nwanisobi, said that “the CBN never planned
to tamper with the foreign exchange deposits in the accounts of
customers, insisted that those making such allegations were
criminal speculators whose intention was to create panic in the
foreign exchange market.”

According to him, at no time did the CBN ever suggest or imply
that it would tinker with the foreign exchange deposits of
customers. He therefore urged operators of domiciliary accounts and
other members of the banking public to go about their legitimate
foreign exchange transactions and disregard fictitious stories
aimed at pitching them against the Bank and triggering chaos in the
system.

He further noted that the CBN had put in place monitoring
mechanism to guarantee the seamless sale of foreign exchange to
customers who supported their requests with relevant
documentation.

He said the CBN had also extracted the commitment of the banks,
through their Chief Executive Officers, that customers with
legitimate requests will not be turned back.