Fake news, we have not devalued the naira – CBN

June 1, 2023

The Central Bank of Nigeria (CBN) has refuted reports that it has devalued the Naira, describing the news as fake.

The CBN in a statement on Thursday by Isa AbdulMumin, CBN Acting Director, Corporate Communications, said, “The attention of the CBN has been drawn to a news report by Daily Trust Newspaper of June 1, titled “CBN Devalues Naira to 630/one dollar ”.

“We wish to state categorically that this news report, which in the imagination of the newspaper, is replete with outright falsehoods and destabilising innuendos,” he said.

According to AbdulMumin, the report reflected the potentially willful ignorance of the media organisation as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ and Exporters’ (I&E) window traded this morning June 1, at N465/one dollar 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 CBN before publishing in order not to misinform the public,” he said.