CBN denies devaluing the Naira

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    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.

    This was made known in a release signed by the Ag. Director, Corporate Communications, CBN, Isa Abdulmumin, which was made available to Energy Frontier.

    “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”, he said.

    He advised the Media practitioners to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.

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