We have not devalued Naira to N630/$1— CBN

We have not devalued Naira to N630/$1— CBN

The Central Bank of Nigeria, CBN has denied a viral report claiming that the apex bank has devalued the naira while urging the public to dismiss the unsubstantiated news.

Acting Director, 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”.

“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 morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.

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

“Media practitioners are advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.”

Report went viral on Wednesday that the Central Bank of Nigeria (CBN) had devalued the Naira to N631 to the dollar from N461.6.

The devaluation, according to Daily Trust, came 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy.

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