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PUNCH STATEMENT Re: February 3, Saturday PUNCH CBN story

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On February 3, 2024, Saturday PUNCH published a story titled ‘Operation rescue the naira: FG considers converting $30BN domiciliary deposits to Naira’.

The story says that the federal government considered this option, among others, as a means of controlling the slide of the naira.

This statement is being issued after the completion of our internal quality control processes. The main source of the story, a senior government official in the presidency, who spoke to a PUNCH journalist anonymously on sundry matters, was privy to the multi-layered discussions on saving the naira at different levels.

Our publication reflected what the official said. PUNCH made spirited efforts to get the CBN to react to the story, but the spokesperson was unreachable.

Expectedly both the Ministry of Finance and the Central Bank took strong exception to the story. The bank issued a rejoinder which PUNCH has since published.

Our journalist spoke to a senior government official and PUNCH published a story that is based on their discussion. The story set off an important public discussion. We took note of the government’s strenuous denial of the story. We obliged the apex bank its obligatory right of reply. Our duty in this matter is done.


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