The Central Bank of Nigeria, CBN has denied a report that it has devalued Naira, just three days after the inauguration of President Bola Ahmed Tinubu.
Daily Trust reported on Thursday that the CBN had devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day.
The newspaper said the devaluation 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.
READ ALSO: On Tinubu’s 3rd day in office, CBN devalues Naira from N461.6 to N630/$
In a swift reaction, the apex bank denied the report, saying “is replete with outright FALSEHOODS and destabilizing innuendos,”
CBN, in a statement on Thursday explained that the exchange rate at the Investors’ & Exporters’ (I&E) window traded this morning (June 1, 2023) at 465/US$1, adding that it has been stable around this rate for a while.
Read the statement below:
Central Bank of Nigeria
Press Release
CBN Has Not Devalued The Naira
The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by Daily Trust Newspaper of June 1, 2023, titled “CBN Devalues Naira To 630/$1”.
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 465/US$1 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.
Media practitioners are advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.
Sign
Isa AbdulMumin PhD
Ag. Director, Corporate Communications
June 1, 2023.
