The Central Bank of Nigeria (CBN), said yesterday that the Naira is not yet devalued.
Deputy Governor, Economic Policy of the bank, Dr. Kingsley Obiora, stated this at the Annual Retreat of the Fiscal Liquidity Assessment Committee (FLAC) in Abuja. He was responding to a publication which said the CBN had devalued the local currency.
Obiora described the report as false, saying he woke up “battling to put out the fire the report” generated, and stated that “there is movement in the exchange rate regime.”
While he was speaking, Dr. Isa AbdulMumin Ag. Director, Corporate Communications of the CBN, issued a statement also denying the report that the Naira has been devalued to N630/$.
According to Isa AbdulMumin,
“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”.
He advised the public “to ignore the news report by Daily Trust in its entirety, as it is speculative and calculated as causing panic in the market”.