The Central Bank of Nigeria (CBN), said on Thursday, that over $20 billion is currently lying idle in domiciliary accounts in Nigeria.
Deputy Governor of CBN (Financial System Surveillance), Dr Joseph Nnana, who represented the Governor of CBN at an interaction with the Joint Senate and House Committees on Appropriation, said that the said funds could be responsible for the continuos slide in the value of the naira.
Nnana told the joint committee that some privileged Nigerians were the masterminds of the consistent slide in the value of the naira since according to him, they have been embarking on dollars speculation to the detriment of the Nigerian naira.
According to him, the passage of the 2016 budget would put a stop to the unrestrained drop in naira value, insisting that the CBN would embark on aggressive liquidity mop-up to enable the naira regains its confidence.
He said: “The CBN will not sit down and watch the consistent fall of the naira. After the passage of the 2016 budget, naira will begin to bounce back. Those who speculate on dollars will have their fingers burnt.” (Nigerian Tribune)