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CBN denies reports on Naira devaluation



President Tinubu commence investigation into CBN's activities

The Central Bank of Nigeria (CBN) has refuted claims that it weakened the naira to N631 to the dollar in an effort to harmonise the exchange rate.

According to newspaper reports on Thursday, the CBN weakened the local currency on Wednesday in the Importer and Exporter (I&E) market sector after President Bola Tinubu announced measures to synchronise the exchange rates. The local currency was reportedly devalued from N461.6 to N631.00.

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However, the CBN labelled such stories as “falsehoods” in a statement released on Thursday by Isa AbdulMumin, Assistant Director, Corporate Communications.


“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilising innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market,” the statement said.

The bank said for the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded Thursday morning (June 1, 2023) at N465 per $1 and has been stable around this rate for a while, urging the public to ignore reports stating otherwise.

“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,” the CBN said.





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