As Much As $20bn Idle In Big Men’s Domiciliary Accounts

The Central Bank of Nigeria, CBN, has raised the alarm that about $20bn (N3.94tn) was lying idle in different domiciliary accounts of wealthy people in Nigeria.

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

Nnana said, “Distinguished chairman sir, we have $20bn lying idle in various domiciliary accounts of many customers at the various banks across the country. This is part of the reasons why the naira has continued to slide against the US dollar.”

He said 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.”