CBN denies devaluing Naira to N630/$1

CBN To Fine Banks N1 Million Per Day For Not Picking New Naira Notes

The Central Bank of Nigeria, (CBN) on Thursday, debunked reports that it devalued the Naira.

It was earlier reported that the apex bank devalued Naira from N630 to the dollar from N461.60 it sold at the Importers and Exporters (I&E) window the previous day.

But CBN, in a tweet, through its official Twitter handle on June 1st, 2023 wrote: “CBN did not devalue the Naira!”.

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.

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

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