FG Speaks on Plans to Convert All Dollars in Domiciliary Accounts to Naira; New Details Emerge


The Federal Government has vehemently rejected recent reports suggesting plans to convert foreign exchange held in depositors’ to naira. Describing the allegations as tantamount to economic sabotage, the government has refuted the claims, emphasizing its commitment to economic stability and confidence in the national currency.


Sections of the media circulated news on Saturday, alleging that the Federal Government intended to convert foreign exchange balances into domiciliary accounts. In response, Coordinating Minister of Economy, Wale Edun, issued a statement on Saturday, denouncing the reports as false and misleading.


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Edun stated, “There is no iota of truth in the claims of Punch Newspaper that the Federal Government plans to convert dollars  in depositors’ domiciliary accounts into naira.” He further emphasized that such publications undermine the government’s efforts to restore economic stability and confidence in the national currency.


Punch Newspaper reports on the conversion of dollars in domiciliary accounts into naira


This report in the Punch Newspaper violates the standards of responsible journalism,” added Edun. “For the avoidance of doubt, I emphasize that depositors’ foreign currency in their domiciliary accounts will not be converted to naira.”


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The government’s stance is clear – it views the spread of misinformation on this matter as an act that goes against the national interest. At a time when the administration is diligently working towards economic recovery, such false reports can potentially create unnecessary panic and disrupt the efforts to restore stability.

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As the government remains steadfast in its commitment to maintaining economic integrity, citizens are encouraged to rely on verified information from official sources. The dismissal of these conversion plans serves as a reassurance to depositors, and the government affirms its dedication to fostering a stable economic environment.



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