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CBN responds to Domiciliary Account-Naira conversion rumours

People, I do not believe that the Central Bank of Nigeria (CBN) will convert US dollars, Euro and Pounds Sterling in Nigerian bank accounts into Naira as it battles the shortage of foreign currencies in the nation. So, that is a pure rumour, and happily the apex bank has put a statement (see below) that it has no plan to do such.

Yet, if nothing is changed on the framework upon which Nigeria is currently run, I do not rule it out that by 2028, depending on who becomes the next president of Nigeria in 2023, that hitting these accounts would not happen.

Today, there is no need for that as Nigeria has many assets to source for funds including universities which can be privatized or sold!

CBN Categorically Denies, and Strongly Condemns Peddlers of Rumor on Domiciliary Account Holdings,’

“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, which was dated September 11, 2021, was signed by Osita Nwanisobi, Director, Corporate Communications, Central Bank of Nigeria.


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