March 23 (Lagos) - The governor of the Central Bank of Nigeria has categorically stated that there were no plans to convert the $20 billion held by Nigerians in domiciliary accounts. “For the avoidance of doubt, the bank will continue to allow domiciliary account holders unfettered access to the funds in their accounts.
I need to seize this opportunity to explain that these funds are not idle as have been wronged reported. Those funds on the balance sheet are funding assets on the other side of the balance sheet,” he said. Mr. Emefiele urged a speedy passage of the 2016 federal government budget in order to halt the depressing effects of the uncertainty that engulfed the waiting period. Knowing that the implementation of the budget will go a long way in boosting business confidence and re-invigorating the financial market.
Naira recovered slightly against the USD today at the parallel market to 323 after the CBN increased the benchmark lending rate to 12%, a move that promotes strength in a currency.
reporting for easykobo.com on Wednesday, March 23 2016 from Lagos, Nigeria
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