CBN denies devaluing naira

The Central Bank of Nigeria, CBN, has dismissed reports that it devalued the Naira.

Reports had earlier emerged that CBN devalued Naira from N631 to the dollar from N461.60 it sold at the Importers and Exporters (I&E) window the previous day.

However, in a tweet, via its Twitter handle on Thursday morning, CBN simply tweeted: “CBN did not devalue the Naira!”.

CBN Has Not Devalued The Naira pic.twitter.com/O9DCB4lQYj

— Central Bank of Nigeria (@cenbank) June 1, 2023

The reported devaluation is coming barely 48 hours after President Bola Tinubu announced the plans of the federal government to unify Nigeria’s exchange rate to stimulate the country’s crumbling economy.

Recall that the President had in his inaugural speech said that the “Monetary policy needs a thorough house cleaning.”

Following the development, Tinubu met with the CBN Governor, Godwin Emefiele, at the presidential villa on Tuesday.

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It was believed that the issue of the exchange rate and the removal of the petrol subsidy was discussed at the meeting.