We Did Not Devalue The Naira – CBN Says

BY CHINYERE OBIORA – The Central Bank of Nigeria (CBN) has described as outright FALSEHOODS the media reports crediting it with the devaluation of the country’s currency, the Naira.

A statement released by the apex Bank in Abuja on Thursday morning particularly took a swipe at the Daily Trust Newspaper for publishing a news report that is replete with “destabilizing innuendos”, reflecting potentially its “willful ignorance” of the “workings of the Nigerian Foreign Exchange Market.”

The Daily Trust in a published report on its website titled: “CBN Devalues Naira To 630/$1”, said; “The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day”

It further added that “The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy.”

But in a statement signed by its acting Director of Corporate Communications, Isa AbdulMumin Ph.D, and titled: “CBN Has Not Devalued The Naira”, the apex Bank slammed the media report for being “speculative and calculated at causing panic in the market”, even as it urged the public to disregard report in its entirety.

The statement read; “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.

“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