Deputy Governor, Financial System Surveillance, of the Central Bank of Nigeria (CBN), Dr. Joseph Nnana, has lamented that about $20bn (N3.94tn) lying idle in different domiciliary accounts of Nigerians is one of the reasons responsible for the depreciation of the Naira against the dollar.
He made this disclosure during a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget.
Nnana 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.”
Dr. Nnana also accused some high placed Nigerians for the continous depreciation of the Naira against te dollar by engaging in speculation to the detriment of the Naira. He however expressed hope that the passage of the 2016 budget would put an end to the continous slide in the Naira value.
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