CBN Uncovers $20Bn Lying Idle In Domiciliary Accounts Of Nigerians

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Naira, Dollar, Parallel Market

The Central Bank of Nigeria (CBN) has blamed some privileged Nigerians for the spiraling fall of the Naira as it has uncovered about $20 billion which is being kept idle in some domiciliary accounts in the country.

READ ALSO: Naira Strengthens Against Dollar After Buhari’s Defiance On Devaluation

This is contained in a statement issued by the Apex Bank’s deputy governor, financial system surveillance, Joseph Nnana on Thursday.

READ ALSO: Again, Buhari Says No To Devaluation Of Naira

Speaking at the meeting of the joint appropriation committees of the national assembly, Nanna assured Nigerians that these speculators would surely get their fingers burnt, adding that the Naira would also pick up after the passage of the 2016 budget.

The statement read: “Distinguished chairman sir, we have $20bn lying idle in various domiciliary accounts of many customers at the various banks across the country.”

“This is part of the reasons why the naira has continued to slide against the US dollar. The CBN will embark on aggressive liquidity mop-up to enable the naira regain confidence.

“The CBN will not sit down and watch the consistent fall of the naira. After the passage of the 2016 budget, the naira will begin to bounce back. Those who speculate on dollars will have their fingers burnt.”

President Muhammadu Buhari had earlier rejected the idea of devaluing the country’s currency.

Consequently, a devaluation of the Naira would mean a big pay day for the speculators keeping billions of dollars in their domiciliary accounts.



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