CBN Refutes Claims Of Naira Devaluation, Says $1/N465 Remains

The Central Bank of Nigeria (CBN) has reacted to reports claiming that it has devalued the naira to about 630 naira to a dollar.

The report of the currency devaluation was earlier reported by one of the national dailies.

However, in statement on Thursday, the bank’s Acting Head of Corporate Communications, Dr Isa Abdulmumin, described it as falsehood.

“The 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,” he said.

The statement further adds that 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 cautioned Nigerians to ignore the claims in its entirety, as it is speculative and calculated at causing panic in the market.