The Central Bank of Nigeria (CBN) has urged Nigerians to disregard any reports to the contrary and insisted that it has not depreciated the naira.
Reports had earlier emerged from Daily Trust that the CBN devalued Naira from N631 to the dollar from N461.60 it sold at the Importers and Exporters (I&E) window the previous day.
The 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”.
“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 reported devaluation comes barely 48 hours after President Bola Tinubu announced the plans of the federal government to unify Nigeria’s exchange rate to stimulate the country’s crumbling economy.
Recall that the President said in his inaugural speech that “monetary policy needs a thorough house cleaning.”
Following the development, Tinubu met with the CBN Governor, Godwin Emefiele, at the presidential villa on Tuesday.
It was believed that the issue of the exchange rate and the removal of the petrol subsidy were discussed at the meeting.
The bank advised the public to ignore the news report in its entirety, saying it was 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.”
