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CBN Debunks Devaluation Report 

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CBN House

CEM REPORT, FINANCE | The Central Bank of Nigeria (CBN) has advised Nigerians to disregard recent reports in the media over the devaluation of the Naira.

The apex bank describing the report as outright falsehoods said the exchange rate at the Investors’ & Exporters’ (I&E) window has been stable at ₦465/US$1.

The CBN disclosed this in a statement signed by Ag. Director, Corporate Communications, Isa AbdulMumin and seen by CEM.

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The statement reads;

“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.

“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.”

Recall that President Bola Tinubu during his inaugural address said his administration will seek to unify the exchange rate amongst other monetary policies.

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