The Central Bank of Nigeria (CBN) has clarified that there is no plan to convert $30bn domiciliary deposits to naira.

Some media reports emerged at the weekend announcing that the Federal Government and the apex banks were considering the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise Nigeria’s currency, which earlier this week recorded its worst performance in history.

However, the apex bank dismissed the report as “fake news” in an X post on Saturday, urging the public to disregard such speculations.

Reforms through policies had been coming lately from the CBN to deposit money banks in a bid to stabilise the Nigerian currency.

Deposit Money Banks (DMBs) were also directed to sell their excess dollar stock latest February 1, 2024, as part of moves to stabilise the nation’s volatile exchange rate.