CBN Speaks On Naira Devaluation

By Ayodele Oni

The Central Bank of Nigeria,(CBN) has clarified that the Nigeria currency, Naira has not been devalued.

The apex bank is reacting to media report that after the CBN Governor meeting with President Bola Tinubu on Tuesday, Naira was devalued from N431 to N630.

CBN in a statement signed by director of public communication, Isa AbdulMumin, explained that “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 N465/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.”