CBN Breaks Silence, Opens Up on Devaluation of Naira [DETAILS]

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Devaluation: The Central Bank of Nigeria (CBN) has responded to reports claiming that it devalued the Naira, asserting that such reports are false. reports that earlier claims had suggested that the CBN devalued the Naira from N631 to the dollar, down from the previous day’s rate of N461.60 at the Importers and Exporters (I&E) window.

Issuing a statement on Thursday morning, the bank’s Acting Director of Corporate Communications, Isa AbdulMumin, PhD, refuted the devaluation reports.

He criticised the news reports for containing outright falsehoods and destabilising innuendos, indicating a potential lack of understanding of the Nigerian Foreign Exchange Market.

The statement from the CBN reads as follows:

“The Central Bank of Nigeria (CBN) takes note of the news report by Daily Trust Newspaper on June 1, 2023, titled ‘CBN Devalues Naira To 630/$1’.

“We would like to categorically state that this news report, considered exclusive by the newspaper, is filled with falsehoods and destabilising innuendos. It reflects a potential willful ignorance regarding the workings of the Nigerian Foreign Exchange Market.

“For absolute clarity, the exchange rate at the Investors’ & Exporters’ (I&E) window this morning (June 1, 2023) was at N465/US$1 and has remained stable at this rate for some time.

“The public is advised to completely disregard the news report by Daily Trust as it is speculative and intended to cause panic in the market.

“We urge media practitioners to verify their facts with the Central Bank of Nigeria before publishing, in order to avoid misleading the public.

Isa AbdulMumin PhD

Acting Director, Corporate Communications”

Recall that these reports of devaluation emerged merely 48 hours after President Bola Tinubu announced the government’s plans to unify Nigeria’s exchange rate in an effort to revive the country’s struggling economy.

Recall also that in his inaugural speech, the President emphasised the need for a thorough revamp of monetary policy. Consequently, Tinubu met with CBN Governor Godwin Emefiele at the presidential villa on Tuesday to discuss these matters.

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