In response to recent reports suggesting a devaluation of the naira to approximately 630 naira per dollar, the Central Bank of Nigeria (CBN) has issued a statement debunking the claims.
The report, initially published by a national daily, has been described by Dr. Isa Abdulmumin, the Acting Head of Corporate Communications at the CBN, as filled with falsehoods and destabilizing innuendos.
Dr. Abdulmumin emphasized that the news report, which the newspaper presented as an exclusive, displayed a potentially willful ignorance regarding the functioning of the Nigerian Foreign Exchange Market.
He further clarified that the exchange rate at the Investors’ & Exporters’ (I&E) window stood at N465/US$1 on the morning of June 1, 2023, and has remained stable around this rate for a considerable period.
The CBN’s statement cautioned Nigerians against giving credence to the rumors, advising them to disregard the claims entirely.
The apex bank condemned the speculative nature of the reports, asserting that they were intentionally aimed at creating panic in the market.
