We’ll not tamper with forex in domiciliary accounts — CBN
has denied suggestions that the bank may consider converting the foreign exchange in domiciliary accounts of customers into naira.
Following its decision to stop the sales of forex to Bureau De Change operators, there has been speculation that the apex bank may start converting forex in domiciliary accounts to naira in order to check the shortage of availability of the United States dollars. According to him, at no time did the CBN ever suggest or imply that it would tamper with the foreign exchange deposits of customers.
With concerns being raised about the efficiency of this move, the CBN has assured that it will monitor the commercial banks to ensure they meet the legitimate FX demands of customers.
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