CBN denies naira devaluation to N630 per dollar report 

By Business A.M.

The Central Bank of Nigeria (CBN) has debunked a report by a national daily, claiming that the apex bank has devalued the naira from N461.6 to N631 per dollar at the Importers and Exporters (I&E) window.

According to the report, the devaluation occurred 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy.

CBN, in a press release by Isa AbdulMumin, acting director, corporate communications department, said the news report is false, noting that the local currency traded at N465/$1 on Wednesday morning(June 1 2023), contrary to N631/$ claimed by the report

“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,” the statement partly read.

The apex bank, therefore, advised the public to ignore the news report in its entirety, as it is speculative and calculated at causing panic in the market.

Media practitioners were also advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.