Privileged Nigerians Have Over $20 Billion Lying Dormant In Domiciliary Accounts – CBN

The Central Bank of Nigeria on Thursday expressed concern over about $20 billion (N3.94 trillion) was lying dormant in different domiciliary accounts of Nigerian citizens in various banks across the country.

Deputy Governor, Financial System Surveillance, CBN, Dr. Joseph Nnana, stated this during a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget.

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 deputy governor, however, expressed the hope that the passage of the 2016 budget would put a stop to the unrestrained drop in the value of the naira.

He said, “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.”