The bank denies the news report of Naira devaluation as false and misleading

Central Bank of Nigeria (CBN) has issued a press release refuting the recent report published by Daily Trust Newspaper regarding the devaluation of the Naira. The bank claim said that no such devaluation has taken place.

The newspaper had publish the said article on June 1, 2023, captioned: “CBN Devalues Naira to 630/USD.

The Bank has denied the information as untrue. Responding to it, the Acting Director of Corporate Communications of the Central Bank, Dr. Isa AbdulMumin, through a press release, said the information is false and misleading.

The bank said, while the exchange rate between the naira and the dollar is currently at t₦465 per US dollar, the information on devaluation was unfounded and that the newspapers lacks the knowledge and understanding of how the Nigerian Foreign Exchange Market’s works.

The CBN urges the public to disregard the news report in its entirety, cautioning against undue panic in the market due to speculative information. It also advises media practitioners to verify their facts with the Central Bank of Nigeria before publishing, in order to avoid disseminating misinformation to the public.

President Tinubu held meetings with key figures in strategic institutions on Tuesday – in attendance was the Governor of the Central Bank, Godwin Emefiele. The meeting which occurred at the presidential villa was held behind close doors, with details not yet known.

This development comes barely 28 hours after President Bola Ahmed Tinubu unveiled plans to unify the country’s exchange rate. Nigeria currently operates multiple exchange rates, which many experts blame for the fall of the naira.

Recall that in his inaugural address, President Tinubu had said : “Monetary policy needs a thorough housecleaning. The Central Bank must work towards a unified exchange rate.”