CBN Says Naira Devaluation Report Fake

The Central Bank of Nigeria has debunked the claim that it has devalued the naira.

According to a statement signed by Acting Director Corporate Communications, Isah AbdulMumin, the dollar traded at N465/$1 contrary to reports.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright falsehood and destabilising innuendos, reflecting potentially wilful ignorance of the said medium as to the working of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’& Exporters’(I&E) window, which traded this morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while”, part of the statement reads.