Naira Devaluation Fake News – CBN

The Central Bank of Nigeria has debunked the claim that the it has devalued the naira.

A statement signed by Acting Director, Corporate Communications, Isah AbdulMumin, said the dollar traded at N465/$1 contrary to reports.

The statement partly reads, “We wish to state categorically that thus news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOOD and destabilizing 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.”

Also a single tweet by the official Twitter handle of the CBN on Thursday morning wrote, ” CBN did not devalue the Naira.”

Daily Trust had reported that the CBN on Wednesday devalued the naira to N630 to $1 from N461.6.

According to the source who spoke to the media house, the dollar was sold at the new rate on the Importers and Exporters Window on Wednesday.