CBN Refutes Punch Headline, Calling Domiciliary Account Conversion "National Sabotage"
The Central Bank of Nigeria (CBN) has vehemently denied a report published by Punch Newspapers titled "Operation Rescue Naira: FG considers converting $30bn domiciliary deposits to naira," labeling it "absolutely false" and accusing the publication of aiming to "trigger panic in the foreign exchange market."
A Fabricated Narrative:
In a press release issued on February 3rd, 2024, the CBN firmly rejected the Punch article's claim, calling it a "fabricated narrative" designed to disrupt economic stability. The statement highlights the Bank's unwavering commitment to stabilizing the naira and accuses "vested interests" of sabotaging these efforts through the spread of misinformation.
Building Confidence, Not Panic:
The CBN emphasizes its dedication to building public confidence and assures stakeholders that it would never implement policies detrimental to the currency or the economy. The press release explicitly urges the public to "disregard stories aimed at causing panic in the system" and view them as acts of national sabotage.
Sole Authority and Transparency:
The CBN reiterates its role as the sole authority for monetary policy changes and underlines its commitment to transparent communication. The statement emphasizes that the Bank will always inform the public of any policy changes before implementation and warns against the "peddling of false reports" that could harm the economy.
Punch Stands by Story:
However, Punch Newspapers maintains its reporting, claiming that its sources "stand by their story." The article suggests the Federal Government is considering converting domiciliary deposits to address the naira's depreciation, citing sources within the Presidency.
Wider Context and Concerns:
This controversy emerges amidst ongoing concerns about the naira's performance. Following a significant depreciation earlier this week, the Punch article fueled anxieties about potential government intervention in domiciliary accounts. While the CBN vehemently denies such plans, the incident underscores the sensitivity surrounding Nigeria's foreign exchange market and the potential impact of misinformation on economic stability.
Moving Forward:
The CBN's swift and direct response aims to calm anxieties and counter the Punch article's narrative. However, the incident highlights the challenges of combating misinformation and maintaining public trust, particularly during periods of economic uncertainty. Open communication and factual reporting remain crucial in ensuring a stable and informed citizenry, capable of navigating complex economic scenarios.
It is important to note that this article presents both sides of the story and does not definitively conclude whether the Punch article is true or false. Ultimately, it is up to the reader to assess the information and draw their own conclusions.
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