CBN refutes claims of devaluation of Naira to 630/$1

  The Central Bank of Nigeria has refuted reports that it devalued the Nigerian naira to 630 to the US dollar.

The CBN in a statement signed by its acting spokesman, Isa AbdulMumin, said the details of the report do not conform with the realities of the Nigerian Foreign Exchange Market.

Mr AbdulMumin stated that the exchange rate at the Investors and 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 statement reads in part “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“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”.

The CBN urged Media practitioners to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.