We did not devalue the naira- CBN

The Central Bank of Nigeria (CBN) has denied reports that it has devalued the naira, urging the public to disregard any contrary information.

In a statement issued by the Acting Director of Corporate Communication, Dr. Isa AbdulMumin, the CBN described the news report as “replete with outright falsehoods and destabilizing innuendos”. The bank emphasized that the exchange rate at the Investors’ & Exporters’ (I&E) window had been stable at N465/US$1 for a while.

The CBN further advised the public to ignore the news report, stating that it was speculative and aimed at causing panic in the market. The bank also urged media practitioners to verify their facts from the CBN before publishing any information to avoid misleading the public. This development comes amid concerns about the stability of the naira, which has been under pressure due to falling oil prices and dwindling foreign reserves.

The CBN has been implementing various measures to support the naira, including restricting access to foreign exchange for certain imports and promoting non-oil exports. The bank has also been working with other stakeholders to boost local production and reduce dependence on imports. Despite these efforts, the naira has continued to face challenges, and there have been calls for more decisive action to address the situation.

The CBN’s denial of the devaluation report is expected to provide some reassurance to investors and stakeholders in the Nigerian economy.

However, it remains to be seen how the naira will perform in the coming months, given the ongoing economic challenges and uncertainties.

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