The Central Bank of Nigeria (CBN) has debunked a news report by a media organization alleging that it has devalued the country’s local currency, the Naira.
In a statement signed by the Acting Director, Corporate Communications CBN, Dr. Isa AbdulMumin, the Apex bank noted that the news report is false and reflects the uninformed opinion of the medium.
The statement maintained that the exchange rate at the Investors’ & Exporters’ (I&E) window as at June 1, 2023 still stands at N465/US$1 and has been stable around the rate for some time now.
The CBN asked the public to disregard the misleading news report as it is speculative and apparently intended to causing panic in the market.
The Statement Read:
The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by Daily Trust
Newspaper of June 1, 2023, titled “CBN Devalues Naira To 630/$1”.
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.
Media practitioners are advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.
Isa AbdulMumin PhD
Ag. Director, Corporate Communications
June 1, 2023.