CBN Uncovers $20Bn Lying Idle In Domiciliary Accounts Of Nigerians
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March 4, 2016 ( Post 1 )
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.
This is contained in a statement issued by the Apex Bank’s deputy governor, financial system surveillance, Joseph Nnana on Thursday.
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.”
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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