We Won’t Convert Forex In Customers’ Domiciliary Accounts To Naira – CBN

Central Bank of Nigeria (CBN) has assured that the foreign exchange (FX) in the domiciliary accounts of customers will not be converted to naira.

Gatekeepers News reports that the clarification follows speculations that arose after the apex bank announced that it has stopped the sales of FX to Bureau De Change operators(BDCs).

CBN Governor, Godwin Emefiele had said the BDC operators have become a channel for illegal financial flows. According to him, they have collided with corrupt people to launder money in Nigeria.

Osita Nwanisobi, the apex bank’s Acting Director in charge of Corporate Communications assured that the apex bank will not tamper with the foreign exchange deposits in the accounts of customers.

“At no time did the CBN ever imply that it would tinker with the foreign exchange deposits of customers,” he said.

Nwasinobi 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 apex bank and triggering chaos in the system.

Gatekeepers News reports that he further assured the banking public that the apex bank would monitor the commercial banks to ensure they meet the legitimate FX demands of customers.

According to him, the CBN has put in place a monitoring mechanism to guarantee the seamless sale of foreign exchange to customers who supported their requests with relevant documentation.

He also said the CBN had extracted the commitment of the banks, through their chief executive officers, that customers with legitimate FX requests will not be turned back.