Just in:CBN denies report of naira devaluation

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A statement issued by the Acting Director of Corporate Communications, Isah AbdulMumin, clarified that the exchange rate of the dollar was N465/$1, contrary to the reports circulating.

The statement emphasized that the news report was filled with false information and misleading implications, demonstrating a potential lack of understanding regarding the functioning of the Nigerian Foreign Exchange Market. It further stated that the exchange rate at the Investors’ & Exporters’ (I&E) window had remained stable around N465/US$1 for a significant period.

In a tweet posted on Thursday morning, the official Twitter handle of the Central Bank of Nigeria (CBN) stated that the CBN did not devalue the Naira. This clarification came in response to the earlier report by Daily Trust, which claimed that the CBN had devalued the Naira from N461.6 to N630 per $1.

The report indicated that the new rate was observed on the Importers and Exporters Window. The CBN’s tweet aimed to address the misinformation and affirm that no devaluation of the Naira had taken place.

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