Naira devaluation news fake – CBN

The Nigerian Central Bank has refuted the assertion that it has depreciated the naira.

Contrary to claims, the dollar traded at N465 to the dollar, according to a statement from Isah AbdulMumin, Acting Director of Corporate Communications.

The statement read in part, “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.”

According to the Daily Trust, the CBN depreciated the naira on Wednesday, dropping it from N461.6 to N630 per $1.

Additionally, on Thursday morning, the CBN’s official account sent out a single tweet that read, “CBN did not devalue the naira.”