CBN Did Not Devalue Naira After Emefiele Met Tinubu

The Central Bank of Nigeria has denied reports that the naira has been devalued.

The rebuttal came on the back of reports that the apex bank decided to devalue the national currency after Godwin Emefiele, the CBN Governor met  President Bola Ahmed Tinubu on Tuesday.

The meeting in Aso Rock, Nigeria’s presidency comes after President Tinubu hinted of his government’s plan to merge the Naira exchange rate at both official and unofficial market.

Some reports had reported that the apex bank subsequently devalued the currency to N630 from N465 to the dollar.

But a statement signed on Thursday by Acting Director, Corporate Communications, Isah AbdulMumin, described the reports as “outright falsehood”.

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.”