The Central Bank of Nigeria has debunked the claim that it has devalued the naira.
A statement signed by Acting Director, Corporate Communications, Isah AbdulMumin, said the dollar traded at N465/$1 contrary to reports.
The statement partly reads, “We wish to state categorically that thus news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOOD and destabilizing 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.”
It was widely reported that the CBN on Wednesday devalued the naira to N630 to $1 from N461.6.
Recall that the President had in his inaugural speech said that the “Monetary policy needs a thorough house cleaning.”
Following the development, Tinubu met with the CBN Governor, Godwin Emefiele, at the presidential villa on Tuesday.
It was believed that the issue of the exchange rate and the removal of the petrol subsidy was discussed at the meeting.
