The Central Bank of Nigeria has reportedly devalued the naira to N631 to the dollar from N461.6.
The devaluation, according to Daily Trust, came 48 hours after President Bola Ahmed Tinubu announced the plans of the Federal Government to unify the country’s exchange rate to stimulate the economy.
A source at the apex bank, however, denied the report, tagging the news fake.
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According to the Daily Trust, it was sold at the new rate on the Importers and Exporters window on Wednesday.
Naira devaluation’s fake news, says CBN
The Central Bank of Nigeria (CBN) has debunked a report by a national daily that it has devalued the naira to N631 per dollar at the Importers and Exporters’ (I&E) window.
A top official of the apex bank, who told this medium that the report is completely false , warned that such reports could have serious adverse consequences for the economy.
According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates.
“The report is not true. The CBN has not devalued the naira. The exchange rate of the naira on the FMDQ website as at yesterday was N464.67 per dollar. The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates.”
