Breaking: CBN speaks on reported devaluation of Naira to N630/$1

The Central Bank of Nigeria has denied reports that it has devalued the naira to N630 to $1.

The Acting Director of Corporate Communications of CBN, Dr. Isa AbdulMumin, spoke on the report in a statement.

AbdulMumin, in a a statement titled: “CBN Has Not Devalued the Naira,” said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled ‘CBN Devalues Naira To 630/31.

“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….

“Media practitioners are advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.”