Naira Crashes as $20bn Lay Idle in Domiciliary Accounts Across Nigeria

naira-to-dollar-2016More reasons have emerged on why the naira keeps performing badly against the dollar at the parallel market. Apparently, there’s some $20bn lying idle in domiciliary accounts across Nigeria, the CBN has revealed.
“Distinguished chairman sir, we have $20bn lying idle in various domiciliary accounts of many customers at the various banks across the country,” Deputy Governor, Financial System Surveillance, CBN, Dr. Joseph Nnana said.

“This is part of the reasons why the naira has continued to slide against the US dollar.”

He alleged that some privileged Nigerians were behind the consistent slide in the value of the naira by embarking on dollar speculation to the detriment of the local currency.

“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,” he added.


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