Devaluation: It’s Fake News, We Have Not Devalued The Naira, CBN

The Central Bank of Nigeria (CBN) has countered a news report which claimed that the apex bank has devalued the Naira.

The Bank apart maintaining that there was nothing like Naira devaluation as reported, noted that the story “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.”

In a statement by the CBN Spokesman, Dr. Isa AbdulMumin, he cited that “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.”

He further advised the public to disregard the report as it was targeted at causing panic in the market.

The full text of the statement reads:

CBN Has Not Devalued The Naira

The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by Daily Trust
NewspaperofJune 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.

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.

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

Isa AbdulMumin PhD
Ag. Director, Corporate Communications
June 1, 2023