WE DID NOT DEVALUE NAIRA - CBN

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By Adeniyi Onaara

The Central Bank of Nigeria has refuted the idea that it has depreciated the naira.

According to a statement written by Isah AbdulMumin, Acting Director, Corporate Communications, the dollar traded at N465/$1 contrary to claims.

“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 workings 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.”

On Thursday morning, the CBN’s official Twitter handle tweeted, “The CBN did not devalue the Naira.”

According to the Daily Trust, the CBN depreciated the naira on Wednesday to N630 to $1 from N461.6.

The dollar was sold at the new rate on the Importers and Exporters Window on Wednesday, according to a source who talked to the media outlet.