CBN debunks reports of naira devaluation

The Central Bank of Nigeria (CBN) has debunked reports that the apex bank devalued the naira to N631/$1 in an effort to unify the exchange rate.

It was report that on Thursday claimed that the CBN devalued the local currency from N461.6 to N631.00 on the Importer and Exporter (I&E) market segment on Wednesday, following President Bola Tinubu’s announcement of plans to unify the rates.

However, in a statement issued Thursday by the CBN’s Assistant Director, Corporate Communications, Isa AbdulMumin, the bank described such reports as “FALSEHOOD”.

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

The bank said For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this morning (June 1, 2023) at N465/USS1 and has been stable around this rate for a while.

The public is hereby advised to ignore the news report by Daily Trust in its entirety, as it is speculative and calculated at causing panic in the market. The CBN Said.

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