CBN Exposes 'Cabals' Behind Naira's Free Fall, Discovers $20b Idle In Domiciliary Accounts

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CBN Exposes 'Cabals' Behind Naira's Free Fall, Discovers $20b Idle In Domiciliary Accounts

The Central Bank of Nigeria (CBN) yesterday shocked Nigerians when it blamed the continuous fall of naira in the foreign exchange market on moneybags in the country. The apex bank alleged that these moneybags are using about $20 billion in different domiciliary accounts to run the naira ground in the market.







The apex bank said that the monies, which were lying idle in the various accounts, were not being projected for any investment purposes by their owners, but subtly being used to weaken the value of the naira and invariably increasing the value of the idle dollars.







CBN’s Deputy Governor (Financial System Surveillance), Dr. Joseph Nnanna, made the revelation at an interactive session between the Ministries of Budget and National Planning, and Finance, CBN, Accountant General’s Office and major stakeholders on the 2016 budget.







He said some privileged Nigerians were the masterminds of the consistent slide in the value of the naira, since according to him; they have been embarking on dollar speculation to the detriment of the Naira.







He, however, said the passage of the 2016 budget would put a stop to the unrestrained drop in naira value, as according to him, the CBN would embark on aggressive liquidity mopup to enable the currency regain confidence. “The CBN will not sit down and watch the consistent fall of the naira. After the passage of the 2016 Budget, naira will begin to bounce back. Those who speculate on dollars will have their fingers burnt,” he vowed.