NIGERIA|$20bn Lying Idle in Domiciliary Accounts.

The Deputy Governor, Financial System and Surveillance of the Central Bank of Nigeria, CBN, Dr Joseph Nnanna, on Thursday blamed the decline in the value of the naira on the actions of few individuals in the country, stressing that some individuals have about $20 billion currently lying idle in their domiciliary accounts.

Disclosing this during an interactive session organised by the Joint National Assembly Committee on Appropriation with government officials, Nnanna said, those responsible for the decline of the naira would be dealt with when the 2016 budget is passed.

Nnanna said, “Naira problem is our own making. Some individuals are speculating on the dollars to the detriment of naira. Why should we have individuals that have $20 billion in different domiciliary accounts idle?

“Volatility in exchange will not continue after the passage of 2016 budget.

“Those who speculate on naira will have their fingers burnt by that time because we are going to embark on aggressive liquidity mop-up to make the naira stronger.”


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