Nigeria’s regulatory bank refutes media report of devaluation of Naira
The Central Bank of Nigeria has refuted a recent news report published by the Daily Trust Newspaper on June 1, 2023, titled “CBN Devalues Naira to 630/USD,” that it devalued the Nigerian naira to 630 to the US dollar.
The CBN in a press release signed by its acting Director of Corporate Communications, Dr. Isa AbdulMumin, said the details of the report is misleading and do not conform with the realities of the Nigerian Foreign Exchange Market.
“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.
“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”.
The CBN urged Media practitioners to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.
Recall on Tuesday, President Tinubu held meetings with key figures in strategic institutions, including Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), at the presidential villa. However, no details were disclosed regarding the outcome of the briefing. It is known, however, that the issue of the exchange rate was discussed during the meeting.
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.
In his inauguration speech, the president said, “Monetary policy needs a thorough housecleaning. The Central Bank must work towards a unified exchange rate.”