CBN Denies Daily Trust Naira Devaluation Story

CBN Denies Daily Trust Naira Devaluation Story

The Central Bank of Nigeria (CBN) denied a news report that the monetary authority devalues the local currency to N630 per United States (US) dollar.  

Daily Trust newspaper reported that the apex bank has sliced the naira value after meeting with President Bola Tinubu after his inaugural speech.

President Tinubu said the exchange rate will be converged by adopting a market clearing rate and later had a closed meeting with Godwin Emefiele, the CBN Governor.

Speculatively, Daily Trust informed Nigerians the local currency has been devalued. Reacting to the story, the monetary authority said, “The attention of the Central Bank of Nigeria (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 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 traded this morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while”.

The apex bank advised the public to ignore the news report by Daily Trust in its entirety, as it is speculative and calculated at causing panic in the market. # CBN Denies Daily Trust Naira Devaluation Story

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