Rejoice Taddy

last updated Thu, Jun 1, 2023 3:50 PM

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Nigeria's central bank denies devaluing currency

By Rejoice Taddy
| Updated 15:50 01/06/2023
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Nigeria's apex bank, The Central Bank of Nigeria or CBN  has denied news that it has devalued the country's currency. 

The bank said it was debunking the rumours because of the need for clarity after the media reported that the apex bank has devalued the naira to N630 per dollar.

In a statement signed by Isah AbdulMumin, the Acting Director of Corporate Communications, CBN said, 

We wish to categorically report 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.’

The exchange rate at the Investors’ and Exporters’ window traded this morning at N465/US$1 and has been stable around this rate for a while.” The statement continued.

AbdulMumin also added that such a report and all that it came with should be ignored, because it is speculative and calculated to cause panic in the market.



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