We did not devaluate Naira to N630/$1 – CBN claims

The apex bank also warned media practitioners to verify their facts before publishing in order not to misinform the public.

The Central Bank of Nigeria (CBN) has debunked reports that the bank has devalued the naira to N630/$1, while it urged the public to debunk any contrary report.

A statement titled “CBN has not devalued naira”, the Acting Director, Corporate Communication, Dr. Isa AbdulMumin debunked the reports saying it’s speculative and calculated towards causing panic in the market.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically 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.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.

He also urged media practitioners to verify their facts before publishing to misinforming the public.