Devaluation of naira, fake news – CBN

The Central Bank of Nigeria (CBN) has dispelled rumors that it devalued the naira, describing the news as fake.

The CBN made the denial on Thursday in a statement by Isa AbdulMumin, CBN Acting Director, Corporate Communications.

The CBN was reacting to viral news that it had devalued the naira from about N465 to N630 to a dollar.

“The attention of the CBN has been drawn to a news report by the Daily Trust Newspaper of June 1, titled “CBN Devalues Naira to 630/one dollar ”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is replete with outright falsehoods and destabilizing innuendos,” he said.

According to AbdulMumin, the report reflected the potentially willful ignorance of the media organization as to the workings of the Nigerian foreign exchange market.

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

“The public is hereby advised to ignore the news report by the Daily Trust in its entirety, as it is speculative and calculated to cause panic in the market.

“Media practitioners are advised to verify their facts with the CBN before publishing in order not to misinform the public,” he said.