Sun, Sep

Just in: CBN Dismisses News Over Devaluation of Naira


The Central Bank of Nigeria (CBN) has said it has not devalued the naira contrary to some media outlets making rounds about the apex bank devaluation of the naira. Dr. Isa Abdulmimini, the Acting Director, Corporate Communication disclosed this in a statement titled, “CBN has not Devalue Naira”. The statement reads; “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

It continued, “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 explained, “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 apex bank is calling on the public to dismiss the report in its entirety, describing it as speculative and calculative of causing panic in the capital market. 

The CBN has advised media outlets to verify their news before reeling it out to the public for their consumption so that they do not represent fake news purveyors.