CBN Debunks “False Reports” About Naira Devaluation



The Nigerian Central Bank (CBN) has refuted the assertion that it has devalued the naira.

Contrary to claims, the dollar traded at N465 to the dollar, according to a statement from Isah AbdulMumin, Acting Director of Corporate Communications.

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The statement partly reads;

We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright falsehood and destabilising innuendos, reflecting potentially wilful ignorance of the said medium as to the working of the Nigerian Foreign Exchange Market.

For the avoidance of doubt, the exchange rate at the Investors’& Exporters’(I&E) window, which traded this morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.

A national daily had reported that the CBN on Wednesday devalued the naira to N630 to $1 from N461.6.

Also a single tweet by the official handle of the CBN on Thursday morning said, “CBN did not devalue the naira.”

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