CBN refutes claim of devaluing Naira to ₦630/$1

CBN refutes claim of devaluing Naira to ₦630/$1

The Central Bank of Nigeria (CBN) has refuted claims of devaluing the naira and urged the public to disregard any contrary information.

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In a statement titled “CBN Has Not Devalued the Naira,” Dr. Isa AbdulMumin, Acting Director of Corporate Communication, clarified the matter.

The CBN emphasized that a news report claiming a devaluation to N630/$1 was entirely false and misleading.

The bank stated that the exchange rate at the Investors’ & Exporters’ (I&E) window was stable at N465/US$1 on June 1, 2023.

The CBN cautioned against giving credence to speculative reports designed to create market panic and advised media practitioners to verify information with the CBN before publication to avoid misleading the public.

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