We Have Not Devalued The Naira, Report Is Fake News – CBN

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The Central Bank of Nigeria, CBN, has described as fake news, a report by Daily Trust that it has devalued the Naira to N631 per Dollar at the Importers and Exporters’ window.

The national daily had on Thursday, June 1, 2023 reported that the Apex Bank devalued the Naira to N631 per Dollar against the N461.6 it previously sold at the Importers and Exporters’ window.

The report stated that the devaluation came 48hours after President Bola Tinubu announced the Federal Government’s plans to unify the country’s exchange rate to stimulate the economy.

But in reacting to the development, CBN acting Director, Corporate Communications, Isa Abdulmumin, PhD, in a statement, said the report is completely a falsehood.

The official however warned that such reports could have serious adverse consequences on the nation’s economy.

According to the statement, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates.

His words; “The report is not true. The CBN has not devalued the Naira. The exchange rate of the naira on the FMDQ website as at yesterday was N464.67 per dollar.

“The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates.”

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