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CBN Debunks Claims Devaluing Naira To N631/$1


CBN Debunks Claims Devaluing Naira To N631/$1

The Central Bank of Nigeria (CBN) has debunked a report that it has devalued the naira to N631 per dollar at the Importers and Exporters’ (I&E) window.

This was disclosed in a statement signed by Isa Abdulmumin PhD, Ag. Director, Corporate Communications.

According to the statement, the news report by Daily Trust, “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.”

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“For the avoidance of doubt, the Exchange rate at the Investor’s & Exporters (I&E) window traded this morning (June 1, 2023) at #465/ 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.

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

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