Updated: Naira Devaluation Fake News – CBN Denies Increasing Dollar Rate To N631

The Central Bank of Nigeria (CBN) has denied a report that the naira has been devalued after a media outlet reported that the official dollar rate had been increased to N631.

A report on Thursday claimed that the CBN increased the dollar cost by N169.4 kobo after bidding for the foreign exchange resumed this week in the official market.

This implies the value of the naira dropped by 36.6 per cent, as the report stated that the financial regulator had previously exchanged both currencies at N461.6.

However, the CBN in a statement released by its Acting Director, Corporate Communications, Isa AbdulMumin, disclosed that the exchange rate of naira to a dollar is around N465/US$1 in the Investors’ and Exporters’ window.

The Godwin Emefiele-led apex bank described the report by the online media (not Prime Business Africa) as false, adding that it consists of destabilizing innuendos.

In the statement, the CBN said: “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.”

The report followed President Bola Tinubu’s statement that he will review the monetary policies of the CBN to unify the multiple exchange rates in Nigeria.