The Central Bank of Nigeria (CBN) has refuted the report that it devalued the naira to N630/$1 at the Investors’ & Exporters’ (I&E) window.

A statement by CBN Acting Director, Corporate Communications Department, Isa AbdulMumin, said the local currency traded at N465/$1 on Wednesday, contrary to N630/$ claimed by the report

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by a newspaper edition of June 1, 2023, titled “CBN Devalues Naira To 630/$1”. 

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“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”. 

AbdulMumin explained that 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 the newspaper 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,” he said.

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