Naira devaluation is fake news, says CBN

The Central Bank of Nigeria (CBN) has debunked reports that it has devalued the Naira to N631 per dollar at the Importers and Exporters’ (I&E) window.

A statement by Isa AbdulMumin PhD, Ag. Director, Corporate Communications of the apex bank, said the report, by Daily Trust Newspaper of June 1, 2023, “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.”