The Central Bank of Nigeria has denied reports claiming it plans of converting $30 billion domiciliary deposits in Nigerian commercial banks into Naira.

Punch had reported that the move was to help stabilize the national currency. A “Presidential source” was quoted as saying the problem of forex scarcity and the naira fall was an elite issue, adding that the Federal Government would not fold its arms and continue to watch some individuals hoarding foreign currencies at the expense of the naira.

However, in a swift reaction, the CBN via its social media handles denied having such of a plan.