Naira Not Devalued – CBN

The Central Bank of Nigeria (CBN) has responded to claims that it has depreciated the naira to approximately 630 naira to a dollar.

Dr. Isa Abdulmumin, the bank’s acting head of corporate communications, called it fake in a statement on Thursday.

“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.