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Naira not devalued, exchange rate remains N465/US$1 –CBN

*The Central Bank of Nigeria clarifies the claims of Naira devaluation are outright ‘falsehoods’, as the exchange rate at the Investors’ & Exporters’ (I&E) window traded Thursday, June 1, 2023 at N465/US$1, and this ‘has been stable around this rate for a while’

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has made a clarification on some media reports Thursday, June 1, 2023, claiming that the banking sector regulator has devalued the Naira to about N630 to a United States (US) Dollar.

Dr. AbdulMumin Isa, Acting Director of Corporate Communications at CBN, in a statement issued Thursday, described the news report on the purported Naira devaluation as falsehoods.

Mr. Godwin Emefiele, Governor of CBN 

Isa stated: “The news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilising innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.”

The Bankers’ Bank, in the statement, further noted that for the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded morning of June 1 at N465/US$1, and has been stable around this rate for a while.

The CBN, therefore, cautioned Nigerians to ignore the claims of any Naira devaluation in its entirety.

It is a speculative and calculated attempt at causing panic in the foreign exchange market, stated the Bank.

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