Nigeria: Central Bank Denies Devaluing Naira to N630/$1

1 June 2023
Vanguard (Lagos)
By Babajide Komolafe

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

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 moming (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."

Read the original article on Vanguard.

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