No Plans To Convert $20Billion Dom Accounts to Naira- Emefiele- Vanguard.


Responding to questions, the governor said 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.
According to him, the fiscal challenges facing the
nation was not peculiar, as according to him, all
other oil exporting nations were in similar
His words, “We have been meeting with the fiscal
authorities and we have been discussing the
direction of the economy and the challenges that
face us at this time especially, realizing fully well
that this challenge is not peculiar to Nigerian and
this is a challenges that confronts practically all
economies in the world, whether you are a
commodity exporting country or not.”
On Deposit Money banks’ refusal to lend to the
private sector, the governor said that there has
been rising cases of Non-Performing Loans and
that the apex bank was in discussion with the
DMBs with a view to working out strategies that
would give rise to increased lending without undue
risks exposure among the banks.


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