‘$20bn lying idle in bank accounts of Nigerians’ – CBN

About $20bn (N3.94tn) is lying idle in different domiciliary accounts of Nigerians, the Central Bank of Nigeria revealed on Thursday.The disclosure was made by the Deputy Governor, Financial System Surveillance, CBN, Dr. Joseph Nnana, during a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget.


Nnana also attributed this scenario to the persistent fall of the Nigerian currency- the Naira.He had 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.”

According to Nnana, some elite Nigerians were behind the recent slide in the value of the naira by carrying out ‘dollar speculation’.“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”, he added.