The Central Bank of Nigeria (CBN) has debunked reports that it is considering a policy to convert foreign currencies in domiciliary accounts of citizens to naira to stabilise the national currency, which earlier this week recorded its worst performance in history.

Acting Director of Communications at the CBN, Sidi Ali Makama made the disclaimer in a press statement released today, 3rd of February, 2024.

Recall that in the last few days, the Naira recorded its worst performance in history selling at N1500 per dollar. In response to the deterioratingiating condition of the Nigerian Naira, the Central Bank of Nigeria issued a directive for all banks to sell their excess foreign exchange holding within 24 hours or face sanction.

Worried about the consistent fall of the Naira against the Greenback, the Senate Committee on Banking, Insurance and other Financial Institutions held an emergency meeting on Wednesday, 31st of February, 2024, resolved to summon the Governor of CBN, Olayemi Cardoso.

On Friday, 2nd of Febrruary, 2024, the CBN ceased daily debits and adopted an updated Cash Reserve Requirement (CRR) mechanism that is intended to facilitate banks’ capacity for planning, monitoring, and aligning records with the CBN.

On the same Friday, the CBN also established a minimum operating capital requirement for International Money Transfer Operators (IMTOs) set at $1 million for foreign entities and an equivalent amount for local IMTOs.

February 3, 2024

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