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The Nigerian government has forcefully denied rumors circulating online that it plans to convert foreign exchange held in citizens’ domiciliary accounts Dollars to Naira. In a statement issued on Saturday, the government described such reports as “fake news” and “tantamount to economic sabotage.”
Origins of the Rumour:
The rumors, which gained traction across various media outlets on Saturday, lacked any official source or confirmation. However, they likely stemmed from ongoing discussions surrounding “Operation Rescue Naira,” an initiative reportedly being considered by the government. While details of this initiative remain unclear, it has sparked speculation about potential measures to encourage the conversion of foreign currency holdings to naira.
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Swift Rebuttal:
The government’s swift and strong denial aims to quell public anxieties and prevent any potential economic turmoil. A forced conversion of domiciliary accounts to naira could have significant negative consequences, including:
- Market instability and currency depreciation: A mass conversion could trigger panic selling of dollars, leading to a weaker naira and potentially hindering economic activity.
- Erosion of public trust: Such a move could damage trust in the financial system and discourage future foreign investment.
- Negative impact on businesses and individuals: Businesses and individuals who rely on foreign currency for imports, international transactions, or savings would be adversely affected.
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