Naira Not Devalued, Says CBN

A news outlet has reported that the CBN had devalued the naira to N631 to the dollar from N461.6, adding that “The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the Federal Government to unify the country’s exchange rate to stimulate the economy.” THE WILL reports.

In a statement on Thursday signed by Acting Director, Corporate Communications, Dr Isa AbdulMumn, the CBN said the report, credited to Daily Trust Newspaper, was replete with outright falsehood mirroring the newspaper’s ignorance of the workings of the Nigerian Foreign Exchange Market.Information Guide Nigeria

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The statement read, “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by Daily Trust Newspaper of June 1, 2023, titled “CBN Devalues Naira To 630/$1”.JAMB Result

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“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.

“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 public is hereby advised to ignore the news report by Daily Trust in its entirety, as it is speculative and calculated at causing panic in the market.”NYSC Portal

It advised media practitioners to verify their facts from the CBN before publishing in order not to misinform the public.”