The Central Bank of Nigeria (CBN) has refuted claims that it devalued the Naira, countering reports that emerged early on Thursday.
The alleged devaluation was said to have reduced the Naira’s value from N631 to the dollar, compared to the previous day’s rate of N461.60 at the Importers and Exporters (I&E) window.
The reports of devaluation surfaced just 48 hours after President Bola Tinubu highlighted the government’s intentions to unify Nigeria’s exchange rate, with the aim of reviving the country’s struggling economy.
In a tweet from its official Twitter handle on Thursday morning, the CBN clarified its position, stating, “CBN did not devalue the Naira!”
Also, a statement signed by Acting Director, Corporate Communications, Isah AbdulMumin, stressed that the dollar was trading at N465/$1 contrary to reports.
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.”
