Central Bank of Nigeria Denies Naira Devaluation, Labels Reports False

CBN Refutes Reports of Naira Devaluation, Calls Them False and Misleading

Central Bank of Nigeria Denies Naira Devaluation, Labels Reports False
False Claims of Naira Devaluation Refuted by Central Bank of Nigeria


In a recent statement titled “CBN Has Not Devalued the Naira,” the Central Bank of Nigeria (CBN) vehemently denied claims that it had devalued the country’s currency. Dr. Isa AbdulMumin, the Acting Director of Corporate Communication at the CBN, urged the public to dismiss such reports and emphasized the importance of accurate information.

The CBN expressed its concern over a news report titled “CBN Devalues Naira To 630/31,” stating that it was filled with falsehoods and destabilizing innuendos. The central bank described the report as a product of potentially willful ignorance about the functioning of the Nigerian Foreign Exchange Market.

Addressing the issue, Dr. AbdulMumin clarified, “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 CBN advised the public to disregard the news report entirely, emphasizing that it was speculative and intended to create panic in the market. They urged media practitioners to verify their facts directly from the Central Bank of Nigeria before publishing any information to ensure that the public is not misled.

This clarification from the CBN comes amidst concerns and uncertainties about the Nigerian economy. With the currency stability reaffirmed, the central bank aims to maintain confidence in the financial market and prevent unnecessary panic or speculation.

As the Nigerian economy continues to face challenges and undergo various reforms, accurate and reliable information becomes paramount. The CBN’s call for fact-checking and responsible reporting is a crucial reminder to media outlets to exercise caution and uphold journalistic integrity.

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