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No Devaluation Here: Central Bank of Nigeria Rebuts Claims of New Naira Downgrade

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LAGOS, Nigeria – The Central Bank of Nigeria, CBN, has fervently dismissed a report by Daily Trust newspaper stating that the CBN had devalued the Naira to 630/$1.

In a strong-worded statement on Thursday, June 1, 2023, signed by its Acting Director of Corporate Communications, Isa AbdulMumin, the CBN described the report as “replete with outright falsehoods and destabilizing innuendos”.

It also suggested the potential willful ignorance of the Daily Trust regarding the operations 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 statement reads.

The apex bank urged the public to disregard the news report by Daily Trust in its entirety, labeling it as speculative and intended to cause panic in the market.

The statement also called on media practitioners to verify their facts from the Central Bank of Nigeria before publishing to prevent misinformation of the public.

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