CBN: No plan to convert dollar account to naira – Nexus News


The Central Bank of Nigeria (CBN) has promised the public that it will monitor the deposit money banks (DMBs) so as to ensure they comply with laid rules and meet the legitimate foreign exchange needs of Nigerians.

This came as the apex bank debunked reports of the planned conversion of domiciliary account FX holdings proceeds to naira account.

Meanwhile, the News Agency of Nigeria (NAN) had yesterday reported that commercial banks in Abuja have set up dedicated teller points for FX transactions in line with CBN’s directive. It reported that some of the banks had started selling at an official rate of N412/$.  


Each traveller is qualified to buy $4000 per quarter for personal travel allowance (PTA) and $5000 per quarter for business travel allowance (BTA).  

In a communiqué, the Acting Director of Corporate Communications, Osita Nwanisobi, noted that the CBN had put in place a waterproof monitoring mechanism to guarantee the seamless sale of FX to customers, who supported their requests with relevant documentation. 

The spokesperson revealed that the apex bank had also secured the commitment of chief executive officers of banks that customers with legal requests would not be deprived. The regulator had earlier cautioned the financial institutions against flouting extant rules.

He also debunked the insinuations that the CBN planned to change the foreign exchange savings in the domiciliary accounts into naira to check shortage.

Nwanisobi noted that those spreading the claims were criminal speculators, whose intention is to create panic in the market.

He encouraged holders of domiciliary accounts and other members of the banking public to go about their lawful foreign exchange transactions without fear.

Last week, the CBN stopped the funding of FX to BDCs, relinquishing the sale to commercial banks. Subsequently, bank chiefs met to reassess the situation after which they expressed their readiness to work with the regulator for a seamless implementation of the new FX template.

The naira has continued to recover its lost margin to the fear that followed FX restriction to BDCs. Yesterday, the local currency traded between N505/$ and N510/$ at the parallel market as speculation eased out.


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