GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

Breaking: CBN Speaks on converting foreign currency in domiciliary accounts to Naira

Enudi Golden by Enudi Golden
January 11, 2024
in business, Headline, World News
Reading Time: 2 mins read
189
SHARES
Advertisements

CBN Speaks on converting foreign currency in domiciliary accounts to Naira

GoldenNewsNg report that Central Bank of Nigeria (CBN) has dispelled speculations that it was planning to convert the foreign currency in domiciliary accounts of bank customers into naira.

The bank further assured members of the public that it would monitor the commercial banks to ensure they meet the legitimate foreign exchange (FX) demands of customers.

The bank’s Acting Director in charge of Corporate Communications, Osita Nwanisobi, dismissed insinuations in some quarters that the central bank planned to convert FX in the domiciliary accounts of customers into naira in order to check purported shortage of availability of the dollars.

READ ALSO

FG Increases Scholarship Grants, Launches New ₦6 Billion Scheme for Medicine, Vocational Studies – Apply Now

Apply Now: Lagos State Reopens Scholarship Portal for 2024/2025

He stressed that the CBN never planned to tamper with the FX deposits in the accounts of customers, adding that those making such allegations were criminal speculators whose intention was to create panic in the foreign exchange market.

The CBN director insisted that at no time did the bank ever suggested or implied that it would tinker with the FX deposits of customers.

He therefore, urged operators of domiciliary accounts and other members of the banking public to go about their legitimate FX transactions and disregard fictitious stories aimed at pitching them against the bank and triggering chaos in the system.

The CBN Governor, Mr. Godwin Emefiele, had at the recent Monetary Policy Committee meeting (MPC) announced that the apex bank would stop the weekly sale of foreign exchange to Bureaux De Change (BDCs), pointing out that deposit money banks would henceforth meet the FX needs of to customers.

Consequently, banks chief executives had met at the weekend and affirmed their readiness to meet the FX demands from genuine end-users as directed by the CBN.

Emefiele had while addressing journalists at the end of the two-day deliberations of the MPC, accused BDCs of total disregard for the CBN policies introduced to achieve its mandate of safeguarding the value of the naira among others.

He said:”In particular, we have noted with disappointment and great concern that our BDC operators have abandoned the original objectives of their establishment which was to serve retail end users who need $5,000 or less.

“Instead, they have become wholesale dealers dealing in forex to the tune of millions of dollars per transaction, despite the fact that Nigeria is the only country in the world today where a central bank sells dollar directly to BDC operators.”

He said operators in the BDC segment had failed to reciprocate the bank’s gesture to help maintain price stability to the large market.

The CBN said:”Whereas, the bank has understanding with BDC operators that they make small margins from the US dollar allocated to them, they have reneged and become somewhat greedy, recalcitrant with abnormal high profits while ordinary Nigerians have been left to feel the pain and therefore suffer.”

Emefiele further lamented that rather than work to achieve the laudable objectives for which they were licensed, the bank had observed various unwholesome practices by the BDCs.

These included the gradual dollarisation of the Nigerian economy with attendant adverse consequences on the conduct of monetary policy and subversion of the cashless policy initiatives of the CBN.

He said BDCs had resorted into financing of unauthorised transactions with forex procured from the CBN among other infractions against CBN regulations.

 

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

Hushpuppi: Abba Kyari too good to go down even if guilty – President

Next Post

PDP Congress: Niger Zonal Stakeholders hail NWC

Related Posts

FG Increases Scholarship Grants, Launches New ₦6 Billion Scheme for Medicine, Vocational Studies – Apply Now

FG Increases Scholarship Grants,

The Federal Government of Nigeria has announced an increase in scholarship grants across all academic levels and introduced two new...

Read moreDetails

Apply Now: Lagos State Reopens Scholarship Portal for 2024/2025

Apply: Lagos State Scholarship Reopened for 2023/2024 and 2024/2025

Good news for Lagos State students! The Lagos State Scholarship Board (LSSB) has officially reopened its portal for scholarship applications...

Read moreDetails

Kano Govt Announce Recruitment for Biomedical Engineers

Kano Govt Announce Recruitment for Biomedical Engineers

The Kano State Hospitals Management Board, with the approval of His Excellency Alhaji Abba Kabir Yusuf, has announced job openings...

Read moreDetails

Digital Skills for Women in Business 4.0 – Apply Now for Free Training 

Digital Skills for Women in Business 4.0 – Apply Now for Free Training 

Boost Your Business: Free Digital Skills Training for Women Entrepreneurs in Lagos Boost Your Business: Free Digital Skills Training for...

Read moreDetails

Petrol Prices Fall as Importers Challenge Dangote Refinery with Cheaper Fuel

Petrol Prices Fall as Importers Challenge Dangote Refinery with Cheaper Fuel

Petrol Prices Fall as Importers Challenge Dangote Refinery with Cheaper Fuel A fresh wave of competition is shaking up Nigeria’s...

Read moreDetails

SMEDAN Launches Solar-Powered Fashion Hub in Abuja for Just N500 Daily

SMEDAN Launches Solar-Powered Fashion Hub in Abuja for Just N500 Daily

SMEDAN Launches Solar-Powered Fashion Hub in Abuja for Just N500 Daily If you’re a fashion designer or tailor looking for...

Read moreDetails

NPHCDA Opens Recruitment for Local Government Vaccine Accountability Officers

NPHCDA Opens Recruitment for Local Government Vaccine

NPHCDA Opens Recruitment for Local Government Vaccine Accountability Officers The National Primary Health Care Development Agency (NPHCDA) has announced the...

Read moreDetails

FG Announces Key Changes in Education Funding Process – links disbursement of UBEC fund to state performance 

FG links disbursement of UBEC fund to state performance 

FG Announces Key Changes in Education Funding Process - links disbursement of UBEC fund to state performance   The Federal Government is...

Read moreDetails

FG Gives Fresh Update On 2025 Police Recruitment

2025 Police Recruitment

The Federal Government has shared a fresh update on the much-anticipated 2025 police recruitment exercise, giving Nigerians a clearer picture...

Read moreDetails

Teachers Recruitment: Bayelsa Releases Shortlist Update, Confirms Payment of Salary Arrears

Teachers Recruitment: Bayelsa Releases Shortlist Update, Confirms Payment of Salary Arrears

Teachers Recruitment: Bayelsa Releases Shortlist Update, Confirms Payment of Salary Arrears If you're one of the many applicants waiting to...

Read moreDetails
Load More
Next Post

PDP Congress: Niger Zonal Stakeholders hail NWC

SEARCH ADS

Latest Posts

FG Increases Scholarship Grants,
Education

FG Increases Scholarship Grants, Launches New ₦6 Billion Scheme for Medicine, Vocational Studies – Apply Now

Apply: Lagos State Scholarship Reopened for 2023/2024 and 2024/2025
Education

Apply Now: Lagos State Reopens Scholarship Portal for 2024/2025

Kano Govt Announce Recruitment for Biomedical Engineers
Headline

Kano Govt Announce Recruitment for Biomedical Engineers

Digital Skills for Women in Business 4.0 – Apply Now for Free Training 
business

Digital Skills for Women in Business 4.0 – Apply Now for Free Training 

Petrol Prices Fall as Importers Challenge Dangote Refinery with Cheaper Fuel
business

Petrol Prices Fall as Importers Challenge Dangote Refinery with Cheaper Fuel

SMEDAN Launches Solar-Powered Fashion Hub in Abuja for Just N500 Daily
business

SMEDAN Launches Solar-Powered Fashion Hub in Abuja for Just N500 Daily

NPHCDA Opens Recruitment for Local Government Vaccine
Headline

NPHCDA Opens Recruitment for Local Government Vaccine Accountability Officers

FG links disbursement of UBEC fund to state performance 
Education

FG Announces Key Changes in Education Funding Process – links disbursement of UBEC fund to state performance 

2025 Police Recruitment
Headline

FG Gives Fresh Update On 2025 Police Recruitment

Teachers Recruitment: Bayelsa Releases Shortlist Update, Confirms Payment of Salary Arrears
Headline

Teachers Recruitment: Bayelsa Releases Shortlist Update, Confirms Payment of Salary Arrears

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News