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CBN Denies Devaluing Naira To 630/$1



CBN Denies Devaluing Naira To 630/$1

The bank advised the public to ignore the news report in its entirety

The Central Bank of Nigeria (CBN), on Thursday, said it has not devalued the naira urging the public to dismiss any contrary report.

DailyTrust had earlier reported that the apex bank has devalued the Naira to N631 to $1. However, in a post shared on social media today June 1, the CBN described the news as fake.

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Acting Director, of Corporate Communication, Dr. Isa AbdulMumin stated this in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

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“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

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

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The bank advised the public to ignore the news report in its entirety, saying it was speculative and calculated at causing panic in the market.

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