CBN Refutes News Report Of Naira Devaluation

The Central Bank of Nigeria (CBN) has debunked news report of devaluation of Naira to “630/$1” carried by the Daily Trust Newspaper of June 1, 2023.

CBN’s Ag. Director, Corporate Communications, Dr. Isa AbdulMumin dismissed the report in a statement on Thursday.

Dr. Isa said, the report was not only speculative, but a calculated attempt to cause panic in the market, therefore, advised the public to ignore it.

The statement said, “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.

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

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