Press Releases

BREAKING: CBN denies devaluing Naira to N630/$1

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

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

A section of the media (TheNiche, not included) had earlier published 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.

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According to the report, 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. The apex bank has however put a lie to the report, describing it as fake 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”.

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“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.

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

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