CBN Makes Worrying Revelation, Says $20bn Is Idle In Various Domiciliary Accounts Of Nigerians

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Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele on Thursday made a shocking revelation that over $20billion was lying idle in domiciliary account of private individuals at a time the country is facing foreign exchange crisis.

Emefiele made the disclosure at a session of the joint committee on appropriation of the National Assembly yesterday.

Represented by Mr. Joseph Nnanna, the Deputy Governor in charge of Financial System Surveillance, the CBN governor said keeping the huge volume of dollars idle had compounded the forex crisis confronting the country.

“As I’m talking to you, $20billion is in various domiciliary accounts of individuals. Naira is our currency, why are they keeping the foreign currency? From my experience in the international finance, I have never seen a country where its nationals speculate on its currency”, he said.

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