Naira Hasn’t Been Devalued – CBN

Posted by: Folamidavid in News, Politics Jun 1, 2023

Central Bank of Nigeria (CBN)

The Central Bank of Nigeria has come out to debunk the claim that it has devalued the naira.

This was recently revealed by the Acting Director Corporate Communications, Isah AbdulMumin, and Nigerians have been reacting.

According to him, CBN states categorically that the recent news report are false and it only reflects wilful ignorance of the said medium on the true working of the Nigerian Foreign Exchange Market.

He added that the exchange rate at the Investors’& Exporters’(I&E) window, which traded this morning (June 1, 2023) at N465/US$1 is the real story.

His words, “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.”

WOW.