CBN Gives Update On Alleged Devaluation Of Naira

The Central Bank of Nigeria (CBN) has debunked a news report on the devaluation of the naira to N630/$ by a major national news daily.

GWG.ng reports that Daily Trust quoting what it claimed as authoritative sources had claimed that the CBN had devalued the naira to N630/$1 at the Importers and Exporters (I&E) window in response to President Tinubu’s exchange rate harmonisation.

GWG.ng had, however, quoted other sources as debunking the claim with the assertion that the CBN was coming up with a response to the claim of the devaluation of the naira.

The  Ag. Director, Corporate Communications, Isa AbdulMumin debunking the claim in a statement said: “ The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by Daily Trust Newspaper of June 1, 2023, titled CBN Devalues Naira To 630/$1.

“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.”

He added that the I&E window is open for verification and such claims of sale reported in the report are totally malicious and false

He added: “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.”

Furthermore, he added: “Media practitioners are advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.”

GWG.ng reports that the assertion by the CBN that the story of the devaluation of the naira is one that is expected to calm the markets.

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