N3.94tn Idle In Domiciliary Accounts, Says CBN | Independent Newspapers Limited
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N3.94tn Idle In Domiciliary Accounts, Says CBN

Posted: Mar 5, 2016 at 5:44 am   /   by   /   comments (0)

Isuma Mark, Abuja

About N3.94 trillion is lying idle in different domiciliary accounts of the citizens of Nigeria.
The Central Bank of Nigeria (CBN) through Dr. Joseph Nnana, Deputy Governor, Financial System Surveillance, revealed this during a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget.
“We have $20 billion 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.”
He said 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.”
He warned that, “Those who speculate on dollars will have their fingers burnt.”
Contributing, Mrs. Kemi Adeosun, the Minister of Finance, pointed out that the amount in the Treasury Single Account had risen to N2.9 trillion.
Adeosun denied the insinuations that the money in the TSA was meant to fund the budget.
She said that the money belonged to different agencies of government, which had the right to access the funds.
Her explanation was against suggestions by the legislators that the Federal Government should use the TSA to fund the 2016 budget amid liquidity problem arising from the slump in global crude oil prices.
Adeosun said all the Ministries, Departments and Agencies of the government had their monies transferred into the TSA and should have access to them.
She said that the government had commenced the training of its personnel on the operation of the TSA such that any agency of government that needed its share of the funds in the account would not find it difficult accessing it.