Updated: CBN denies fresh naira devaluation

Updated: CBN denies fresh naira devaluation

The Central Bank of Nigeria (CBN) has reacted to a report that it has devalued the Naira to N631 at the official rate, saying it is not true.

It said this in a statement issued on Thursday morning by its Director of Corporate Communications Dr Isa AbdulMumin that the dollar-naira exchange rate at the Importers and Exporters (I&E) window remained N461.6.

The CBN was reacting specially to Daily Trust’s report that at the resumption of the weekly bidding for foreign exchange, the apex bank on Wednesday sold the spot rate to banks on behalf of their customers at N631 to a dollar.

This is coming about three days after President Bola Ahmed Tinubu announced the plans of the Federal Government to unify the country’s exchange rate to stimulate the economy.

A tweet from the CBN’s handle also said, “CBN did not devalue the Naira.”

The World Bank has repeatedly advised the CBN to unify the exchange rates.

The World Bank and many economists affirm that multiple exchange rates will lead to uncertainty and create room for arbitrariness.

A US dollar currently exchanges at around N750 at the parallel market.