The Central Bank of Nigeria, CBN, on Thursday disclosed that few powerful Nigerians have a whopping $20 billion, about N4 trillion lying idle in their domiciliary accounts.
CBN Deputy Governor in charge of Financial System and Surveillance, Dr. Joseph Nnana, who disclosed this said their decisions to keep such a huge amount in foreign currency, is affecting the Naira.
Dr Nnana, who spoke during an interactive session with the Joint National Assembly Committee on Appropriation, however, assured that those involved in this economic sabotage would regret their action once the 2016 Budget is passed.
He told the session chaired by Senator Danjuma Goje that, “Naira problem is not our own (CBN) 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 the 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.”