CBN Dismisses Naira Devaluation Claims, Affirms $1/N465 Exchange Rate

The Central Bank of Nigeria (CBN) has refuted reports suggesting that the naira has been devalued to approximately 630 naira per dollar. Responding to the claims made by a national daily, Dr. Isa Abdulmumin, the Acting Head of Corporate Communications at the bank, labeled them as false.

In a statement released on Thursday, Dr. Abdulmumin stated that the news report contained numerous falsehoods and destabilizing insinuations, indicating a lack of understanding regarding the functioning of the Nigerian Foreign Exchange Market.

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To clarify the situation, the statement emphasized that the exchange rate at the Investors’ & Exporters’ (I&E) window stood at N465/US$1 on the morning of June 1, 2023, and has remained stable at this rate for some time.

The apex bank urged Nigerians to disregard the claims entirely, as they are speculative in nature and intended to induce market panic.

Chidalu Glory

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