CBN Speaks On Devaluing Naira

Posted by Nwa Diokpa Business News, Latest News Thursday, June 1st, 2023

(AFRICAN EXAMINER) – The Central Bank of Nigeria, CBN, has refuted claims that it devalued the Naira.

It could be recalled that there are reports that the CBN devalued Naira from N631 to the dollar from N461.60 it sold at the Importers and Exporters (I&E) window the previous day.

Reacting to this development, in a tweet, via its Twitter handle on Thursday morning, CBN simply tweeted: “CBN did not devalue the Naira!”.

The African Examiner writes that the reported devaluation is coming just 48 hours after President Bola Tinubu announced the intentions of the federal government to unify Nigeria’s exchange rate in order to stimulate the country’s crumbling economy.

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